Gold prices witnessed a decline this evening, Tuesday, by about 10 pounds, and a gram of 21 carat gold, which is the best-selling in Egypt today, recorded 1460 pounds per gram without adding workmanship, after a significant rise in the past days with the tendency of consumers and capital owners to hedge against a drop in currencies.
Gold prices today:
18 karat recorded 1251 pounds.
21 karat recorded 1460 pounds.
24 karat, a record of 1668 pounds.
The gold pound is 11,680 pounds.
The total increase in gold prices at the end of last week reached 160 pounds in the Egyptian market as a result of the high demand for gold in the market and the decline in the volume of supply. For sale and profit, especially in the case of buying gold in the second quarter of 2022
Mamdouh Abdullah, a member of the Board of Directors of the Precious Metals Division, said that the precious metals industry needs to import production requirements, all of which are not local, and these production requirements have increased significantly in recent times with the continued movement of the dollar, including, for example, “wax, rubber, brushes.” All fries are imported, stressing that the market is unstable in the current period, and the factories bear many burdens as a result of the continued payment of labor costs and monthly obligations, with the continued noticeable decline in sales of the factory, and this undoubtedly reflected on the markets and prices.
Abdullah stated, in exclusive statements, that the factories cannot raise the manufactures more than they are now, so the goldsmiths industries decrease, and the focus is on the alloy industry because it does not need production requirements imported from abroad, commenting on the current situation by saying “The situation is difficult, not easy, and the door must be opened to the export of gold jewelry, because it carries the “Made in Egypt” brand and saves the state millions of dollars per month as a result of the export proceeds.