2023-08-06 17:44:56
Gold prices are witnessing a state of instability, as it fluctuates between rise and fall from time to time, as the yellow metal recorded an unprecedented rise following the arrival of 21 karat, which is the most widespread among citizens, to 2800 pounds. These fluctuations come following a period of relative stability, and constitute A new challenge for investors and traders alike.
Where everyone closely monitors the markets and economic and political developments to try to understand the reasons for this new rise and try to predict the future of prices, and in these volatile circumstances, gold remains a safe haven for some, while others are looking to take advantage of the opportunity to rise to achieve potential profits.
gold prices
In order to curb the rise in gold prices, the country has recently taken many different measures that have contributed to controlling the markets. Among these measures, the government took the initiative to exempt gold coming from abroad from customs, with the aim of encouraging foreign trade and reducing the costs of importing gold.
This measure aims to motivate suppliers and traders to supply gold to the country at low prices, which contributes to lowering gold prices in the local markets.
In addition, other policies and measures have been taken to monitor and follow the market and intervene when necessary to maintain price stability and avoid large fluctuations. This government response is important in light of the economic and financial challenges the country is facing during this period.
Reasons for the high price of gold
Many are wondering regarding the reasons for the rise in the price of gold, as the reasons for the rise in gold prices are linked to several factors, and the advisor to the Minister of Supply confirmed that the rise in gold prices is due to the inability of the US Federal Reserve to continue raising interest rates once more, as the Fed adopts a policy of stabilizing interest rates, and this will lead to to stimulate strong rises in the gold market.
The advisor pointed out that the state witnessed the reception of regarding 500 kilograms of gold during the past month, and this came following the government’s decision to exempt gold imports coming with Egyptians abroad from tax and customs fees for a period of 6 months. This decision positively affected the gold market, and it contributed to achieving Greater balance in the prices of the yellow metal.
It is noted that the rise in gold prices is affected by the availability of supply and demand for it, in addition to the global economic and political factors that affect the precious metals market in general, and with the continuation of the current economic and political tensions, experts expect continued instability in gold prices during the coming period and perhaps a significant rise.
Gold prices today
24 karat gold recorded regarding 2468 pounds. 21 karat gold recorded regarding 2160 pounds. 18 karat gold recorded regarding 1851 pounds. 14 karat gold recorded regarding 1440 pounds.
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