“Gold Prices in Egypt Today: Latest Updates, Trends, and Analysis – Islam Saeed Books”

2023-05-18 06:00:00


Books – Islam Saeed

Thursday, May 18, 2023 09:00 AM

We publish the latest update in gold prices In the Egyptian market today, Thursday, May 18, 2023, in conjunction with the continued decline in the price of gold in Egypt, to record a gram of 21 karat gold, a level that ranged between 2200 to 2220 pounds per gram.

Gold prices today:

24 karat records 2537 pounds.

21 karat records 2220 pounds.

18 karat records 1903 pounds.

The gold pound is 17,760 pounds.

20% decline in gold in Egypt

Gold has decreased by 20% since it recorded its highest historical level at 2800 pounds per gram, to lose more than 560 pounds in a short time, but until now this significant drop in prices remains a negative correction after the sharp rises that we saw, especially since the factors that helped the rise of gold The latter remains unchanged, according to the technical report of Gold Billion.

The declines that we saw yesterday in gold prices were supported by the decline in global ounce prices below the psychological level of $2,000 an ounce, in addition to the issuance of an official statement explaining how the value-added tax is calculated on factory imports of gold coming from abroad, which restored confidence in the markets regarding price stability. during the coming period.

The initiative to cancel customs and fees on gold imports for a period of 6 months works to increase the supply of crude in the markets and thus balance the high demand for gold in the recent period due to fears of inflation and the possibility of reducing the exchange rate of the pound against the dollar during the coming period.

Also, the launch of the first gold investment fund in Egypt had a good echo in the markets and follows a wide segment of the gold markets, the mechanism of the fund’s work and how to invest in it, as it opens the door for citizens with little savings to the possibility of investing in the gold markets, without the need to actually own it, which caused more Calmness in gold pricing operations in the markets.

It is worth noting that after the current decline in gold prices, the local markets are approaching pricing in accordance with the global markets again, which may return the demand for gold to rise during the coming period after many are sure of the rationality of gold prices.






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