Several turmoil in the gold market this week, after prices reached record levels near 1160 pounds per gram of 21 karat in the middle of the week, then the yellow metal took a corrective downward journey to 1128 pounds per gram at the end of trading this week.
and saw Gold price in Egypt Today, Saturday, at the end of the week’s trading, a noticeable drop by about 12 pounds, after several jumps in the price of gold in the local market in Egypt, to reach levels of 1160 pounds in some trading sessions this week, and the decline in the price of gold in Egypt came due to an increase in the market supply.
The price of 21 karat gold, which is the best-selling in Egypt, fell from 1140 pounds per gram to 1128 pounds per gram, in conjunction with the partial decline in demand for gold after a significant increase in prices, and the global decline in gold was reflected in the local market.
Gold prices today, 21 karat records 1128 pounds, 18 karat records 966 pounds, 24 karat records 1289 pounds, and the gold pound records 9024 pounds.
And the Gold Division confirmed that the movement of the precious metal in Egypt is closely related to the movement of the dollar, which witnessed several movements in the past days, which caused the rise of gold, and the factors of supply and demand contribute significantly to determining the price of gold.
The Gold Division added, according to Osama Al-Jalla, the Division’s Secretary, that the market cannot be judged on the future of prices in it, as there are several recurring changes throughout the day in the market’s movement because it is linked to supply and demand factors and the dollar.