2023-05-11 18:35:00
Islam Saeed Books
Thursday, May 11, 2023 09:35 PM
We publish the latest update in gold prices Today, Thursday, in the United Arab Emirates, and prices recorded a limited movement in the UAE market, with the continued stability of the global gold price above the level of two thousand dollars.
The price of 24-carat gold during evening trading was 240 AED, the price of 22-carat gold in the UAE reached 220 AED, the price of 21-carat gold reached 209 AED, and the price of 18-carat gold in the UAE reached 180 AED.
The price of gold in Egypt
With the Council of Ministers announcing a project regarding the exemption of gold imports in semi-manufactured forms, as well as those intended for cash circulation, jewelry, jewelry and their parts of precious metals, several questions are raised, especially that the Cabinet’s decision confirmed that the exemption will not include value-added, meaning that imported gold will be subject to value-added, so how The added value is calculated.
The Gold Division announced that the added value of gold imported with Egyptians abroad will be on the cost of manufacturing and not on the total value of gold, and the Gold Division confirmed that pounds and gold bars will not be subject to value-added tax.
Gold prices fell today in Egypt by regarding 50 pounds, due to the government’s decision to allow the entry of gold with Egyptians abroad without customs duties, as 21 carat, which is the best-selling in Egypt today, recorded 2500 pounds.
Gold prices today, for 24 karat records 2857 pounds, 21 karat records 2500 pounds, 18 karat records 2143 pounds, a gold pound 20000 pounds, and an ounce of gold 2021 dollars
Sameh Abdel Hakim was a member Gold Division It is expected that there will be declines in gold prices in the coming days, due to the approval of the Council of Ministers during its meeting today on a project regarding exempting gold imports in semi-manufactured forms, as well as those intended for cash circulation, jewelry, jewelry and their parts of precious metals.
He pointed out in exclusive statements that the validity of the decision for a period of six months will lead, accordingly, to an increase in supply in the market, and from here prices will decrease, because allowing the entry of gold within the limits of 150 grams for returnees from abroad will push prices in the direction of decline.
The draft cabinet decision stipulates that this exemption does not apply to natural or cultivated pearls, precious or semi-precious stones, mounted or inlaid on jewelry and their parts.
This approval comes within the framework of the efforts exerted to achieve stability in gold prices within the markets, and to reduce customs smuggling attempts of semi-finished and occupied gold items through various customs outlets.
More calm and stability dominated the performance of gold locally with the start of today’s session, Thursday, following the decision to exempt gold imports from customs and other fees for a period of 6 months, which pushed gold prices to occasional movements pending more developments on the scene, according to Gold Billion and the record of coughing grams. The most common 21 carat gold today, Thursday, is 2540 pounds per gram, continuing to move in the same range that has dominated trading since the beginning of the week, and the price of the gold pound recorded today 20320 pounds.
The Egyptian government’s decision to exempt gold imports from customs tax and other fees for a period of 6 months, other than the 14% value-added tax, came in light of the keenness to achieve a balance between supply and demand in the gold market, following the exceptional movements in gold prices in the recent period.
The decision will increase the supply of bullion and gold coins in the market, which would reduce the price hikes. Also, the price of gold bullion coming from abroad will be cheaper when sold compared to the price of the Egyptian bullion, since the Egyptian bullion bears more fees and expenses, which gives gold stores an opportunity to calm prices when reselling bullion coming from abroad.
This is in addition to the Gold Division’s initiative to reduce the value of the goldsmiths’ factory to support the industry, support the sales of the goldsmiths, and reduce the demand for bullion, especially since the goldsmiths’ markets have suffered from a major recession during the recent period.
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