2024-03-03 22:20:00
Today, Monday, March 4, 2024, gold prices in Egypt witnessed a new decline, as the price of “buying and selling” 21 carat gold, as well as all karats of gold, declined, with the continued collapse of the price of the dollar against the Egyptian pound on the black market, after the Egyptian government announced the Ras El Hekma project in cooperation with… The UAE.
Through this report, we present the latest updates to the price of gold now, moment by moment, according to the transactions of the first hours of the morning of Monday, March 4, 2024, in goldsmiths’ shops, which came as follows:
The price of 24 karat gold today: 3165.7 pounds for sale, compared to 3120 pounds for purchase.
The price of 21 karat gold today: 2770 pounds for sale, compared to 2730 pounds for purchase.
The price of 18 karat gold today: 2374.2 pounds for sale, compared to 2340 pounds for purchase.
The price of 14 karat gold today: 1851.9 pounds for sale, compared to 1825.2 pounds for purchase.
The price of the 21 karat gold pound today: 22,160 pounds for sale, compared to 21,840 pounds for purchase.
The price of an ounce of gold on the global stock exchange: $2083.3 for sale, compared to $2082.3 for purchase.
The price of gold by workmanship
The value of workmanship in Egyptian goldsmiths’ shops varies from one goldsmith shop to another. It also varies from one governorate to another and from one gram to another at a rate ranging between 5 to 10% of the value of the gold jewelry sold. According to the goldsmiths merchant, workmanship is a financial amount that the owner of the goldsmith shop determines and adds. To the official (raw) gold price.
Tomorrow’s gold price at goldsmiths
Economists expect the price of gold to continue to decline in the coming days in Egyptian goldsmiths’ shops, following the economic reform decisions taken by the state to confront the rise of the dollar over the past months, with the continued decline of the price of the dollar against the pound on the black market, which leads to a decline in the price of gold in shops. Goldsmiths.
Reasons for the collapse of the price of gold today
Economists attribute several reasons behind the decline in the price of gold in Egypt over the past few days, foremost of which is the decline in the price of the dollar in the parallel market to 42.98 pounds for purchase, after it exceeded 70 pounds in the middle of last February, which caused a decline in the price of gold in Egyptian goldsmiths’ shops. The Central Bank’s decision to raise interest rates prompted a large number of citizens to invest their money in banks instead of buying gold.
Gold buying and selling prices today, Monday, March 4, 2024, in Egyptian goldsmiths’ stores – archive photo
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