2023-05-14 10:30:00
Islam Saeed Books
Sunday, May 14, 2023 01:30 PM
We publish the latest update in gold prices And bullion in Egypt today, Sunday, in conjunction with the weekly holiday for the gold market in Egypt and the global stock exchange, and the record of a gram of 24 karat gold is the gram that makes up gold bullion in Egypt, 2743 pounds.
Gold prices today:
21 karat records 2400 pounds.
18 karat records 2057 pounds.
24 karat records 2743 pounds.
The gold pound is 19,200 pounds.
The price of a gold ingot weighing 2.5 grams recorded 6857 pounds per gram, and the price of a gold ingot weighing 5 grams reached 13715 pounds, and the price of a gold ingot weighing 10 grams reached 27430 pounds, and the price of a gold ingot weighing 20 grams reached 54860 pounds, and the price of an ounce of gold weighing 31.1 grams reached 85307 pounds, and these prices do not include workmanship and tax, and the prices recorded in the market are now the highest in the history of gold pricing.
Gold prices fell during the week ending following a long series of almost daily rises that pushed gold prices to historical levels that some saw as exaggerated prices, due to the sharp increase in domestic demand, but the past week witnessed a lull in the gold markets accompanied by a gradual decline in price levels, according to Gold Billion
The decline in gold prices last week came in light of the intervention of the relevant authorities in the markets with a number of initiatives to work to calm the markets, the most important of which was allowing those coming from abroad to enter gold imports without customs or fees, except for the 14% value-added tax on workmanship, in order to work to increase the supply of gold. Gold to meet record high demand during this period.
The Gold Division also took the initiative to reduce the prices of workmanship on gold artifacts in order to increase the demand for them and reduce the demand for bullion and gold coins, which caused the historical rise in gold prices.
These initiatives coincided with a gradual decline in the demand for gold during the recent period, following gold prices absorbed large volumes of cash liquidity resulting from the maturity of the 18% certificates, which was the main reason behind the sharp rise in demand for gold following the reluctance of a large sector to invest in the new certificates. With a fixed return of 19% and a decreasing 22% due to fear of decreasing the exchange rate of the pound once morest the dollar once more.
Calm domestic demand and initiatives to increase supply in the market helped prices to decline, bringing the local gold market closer to returning to pricing according to the global gold price, following being separated from it for a long period of time and relying on local pricing only on supply and demand.
In general, gold remains in an upward trend, and the recent gradual decline in price levels remains a negative correction, since the economic factors that drove the increase in demand for gold are stable and unchanged.
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