Gold prices declined by 140 pounds during July 2023, a decrease of 6.1%

2023-08-01 10:30:00

Islam Saeed wrote Tuesday, August 01, 2023 01:30 PM

Gold prices decreased in Egypt during July 2023 by 6.1%, causing gold to lose 140 pounds of its value, as the price of gold fell from 2295 to 2155 pounds at the end of the month, amid a significant decline in demand for gold in the Egyptian market.

And the month of July, which was witnessing a positive start to the price of gold, ended before it declined during the month and settled at its current levels for a long period of time. This is due to the stability of gold pricing factors locally, which prompted it to abandon tracking the movement of global gold, according to Gold Billion.

Today, Tuesday, the first day of August, the price of a gram of 21 carat gold recorded 2155 pounds per gram, and gold had recorded 2295 pounds per gram in the first sessions of July.

Gold witnessed successive price declines in the beginning of July, before it stabilized during the second half of the month within narrow price ranges, ignoring the significant impact of global gold movements due to the stability of local pricing factors, according to Gold Billion.

The demand for the dollar in the parallel market stabilized and its prices calmed down, which was reflected in the gold prices. On the other hand, the local demand for gold also witnessed a noticeable decline in light of the decline in the levels of cash liquidity among market participants since the liquidity of the 18% certificates expired.

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On the other hand, the gold imports initiative without customs duties helped in the entry of nearly half a ton of gold so far, which increased the supply of gold in the local markets to meet the weak demand and thus achieved great stability and balance in the markets, according to the analysis of Gold Billion.

The government announced the results of the propositions program, as it was able to secure sales contracts for its government propositions worth $1.9 billion, of which $1.6 billion is a dollar proceeds, and the remainder will be collected in Egyptian pounds.

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