Gold in Egypt suddenly declines after exceeding 1,700 pounds.. 25% flotation gain By Investing.com

© Reuters.

Investing.com – Gold’s rise in global markets, coupled with the pound’s exchange rate declining against the dollar to levels below EGP 24.6 per dollar, fueled the insane rise of gold in the market.

During today’s trading, gold prices rose in the Egyptian goldsmiths’ market to a new high ever, with an average increase of about 35 pounds per gram.

According to gold prices in the Egyptian goldsmiths’ markets, the price of the most expensive gram, 24, has approached the levels of 1,700 pounds, while the price of the most widely spread gram, 21, is heading towards the levels of 1,500 pounds.

During a period of less than a month since the liberalization of the exchange rate last October, the price of a gram increased on average within the limits of 400 pounds for 24 carat and nearly 370 pounds for 21 carat, an average increase of 25%.

Modernization

After the expansion of gold increases in the Egyptian market, to exceed 50 pounds, as the 21 carat exceeded the levels of 1505 pounds, while the 24 carat gram exceeded the levels of 1700 pounds per gram.

Today, Monday, gold prices witnessed a sudden rebound of about 20 pounds, and a gram of 21 karat gold, which is the best-selling in Egypt today, recorded 1480 pounds per gram without any industrial addition.

18 karat recorded 1268 pounds during these moments of trading today, Tuesday, 21 karat recorded 1480 pounds, 24 karat recorded 1691 pounds, and the gold pound 11840 pounds.

The decline in gold prices in the local market came after the sudden shift in the price of the yellow metal in global markets due to the exacerbation of concerns about China amid the intensification of the protests crisis in light of the country’s adherence to the zero Covid policy.

Investors’ concerns around the world were reflected in the performance of all assets, which all recorded declines to varying degrees during these moments of Monday’s trading.

Prices today

The price of gold today, Monday, in Egypt jumped insanely, by about 35 pounds, 21 carat, during mid-transactions, to approach 1,500 pounds without adding workmanship, tax, and stamps in the local market.

Today, Monday, gold prices in Egypt increased by about 40 pounds per gram of 24 karat gold, and recorded an increase of 30 pounds per gram of 18 karat gold.

Today, the price of 24 karat gold reached about 1697 pounds, while the price of 21 karat gold today recorded 1485 pounds.

Today, the price of 18 karat gold rose to 1273 pounds, while 14 karat recorded about 993 pounds.

Bullion and pound prices

  • The price of a gold bar weighing 1 gram is 1697 pounds

  • The price of a 5-gram gold bar is 8485 pounds

  • The price of a gold bar weighing 10 grams is 16.970 pounds

  • The price of a gold ingot, the weight of an ounce (31.5 grams), is at 53.455 thousand pounds

  • The price of a gold bar weighing 50 grams is about 84,850 pounds

  • The price of a gold bar, weighing 100 grams, was about 169,700 pounds

  • Gold ingot weighing 1 kilo amounted to about 1.697 million pounds

  • The price of the gold pound today in Egypt was about 11,880 pounds for the weight of 8 grams of 21 carat, and this price is equal to the value of pure gold before calculating workmanship, tax or stamp.

Gold on October 25th

Before the liberalization of exchange rates last October 26, that is, less than a month ago, gold prices, according to the Egyptian market, recorded the following levels:

  • The price of 24 karat gold is about 2 pounds, which is the highest caliber in Egypt, at 1292 pounds.
    Today’s price of 21 carat is about 1132 pounds
    The price of a gram of 18 karat gold today is the lowest locally priced and most formed, reaching 970 pounds.
    The price of a gold pound is about 9056 pounds, and the pound weighs 8 grams of 21 karat.
    The price of an ounce of 24 karat gold, to record about 40052 pounds, and an ounce weighs about 31 grams of the highest quality 24 karat.
    The price of a kilo of 24 karat gold is about 1.292 million pounds, and it weighs 1000 grams.

pound now

The exchange rate of the dollar in the national banks, Al-Ahly and Banque Misr, recorded levels of 24.55 pounds for sale, and levels of 24.5 pounds for purchase, during these moments of Monday’s trading.

In private banks, the price of the dollar recorded an increase of two piasters, to reach levels of 24.6 pounds for sale and levels of 24.57 pounds dollars for purchase, in the banks of the Egyptian Gulf Bank, Abu Dhabi Islamic Bank, Commercial International Bank, Al Ahli Bank of Kuwait (Piraeus).

gold globally

It rose during these moments by $7, or the equivalent of 0.4%, to reach levels of $1761 an ounce.

Spot contracts for gold increased US dollars during these moments of trading, today, Monday, by $ 8 to levels near $ 1760 an ounce.

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