Gold prices in the Egyptian market fell dramatically to keep pace The decline of the dollar in the parallel marketAnd also the Central Bank’s decision to oblige gold exporters to deposit their export proceeds in banks within 10 days.
The decline in prices was gradual following it reached the top at 1950 pounds per gram of 21 karat gold, which is the most famous in Egypt. Today, prices reach 1550 pounds per gram, a decline of more than 21% in regarding 10 days.
Nour El-Din Mohamed, head of Target Investment Company, confirmed in statements to Al-Arabiya.net that gold is currently priced at 30 pounds to the dollar, and therefore we witnessed this decline in gold prices, which was previously calculated at 38 pounds to the dollar.
He explained that the market is currently in a state of stagnation as a result of the shock of low prices in this way and also with the Egyptian Central Bank closing the door to the exploitation of gold in obtaining foreign currency outside the country.
Regarding the current fair price of gold, according to global market prices, and the price of the dollar in banks is 24.7 pounds, Nour El-Din confirmed that the price of a gram is supposed to be 1276 pounds only.
