decreased gold prices Today in Egypt, about 20 pounds, to record a gram of 21 carat gold, which is the best-selling in Egypt, 1770 pounds per gram, while the gold market is witnessing a state of complete calm after the stability of the dollar exchange rate in banks.
Gold prices today:
18 karat records 1517 pounds.
21 karat records 1770 pounds.
24 karat records 2023 pounds.
The gold pound recorded 14,160 pounds.
The international price of an ounce is $1911.
Reasons for the decline of gold in Egypt
The gold Bullion report revealed 3 reasons that led to the decline of gold in Egypt during today’s trading by 20 pounds in the local market, to record 21 carat, the widest traded 1770 pounds per gram, and the first reason was the stability of the exchange rate of the pound against the dollar around the level of 29.60 pounds for the third day in a row.
The Gold Billion report indicated that the second reason is government statements confirming the end of the crisis of stockpiling goods in the ports, which gives signals to investors in Egypt to ease pressure on dollar resources and the stability of the current exchange rate in the short term.
The report added that the Russian Central Bank announced the adoption of the Egyptian pound in the currency basket against the Russian ruble, which opens the way for Egypt to import its needs of wheat without using the dollar, which represents less pressure on Egyptian dollar resources, and this caused greater calm in the dollar exchange market and then a decline gold
The Central Bank had announced the start of financial derivatives operations in the Egyptian exchange market, and financial derivatives are among the important tools in increasing investment, supporting importers and manufacturers, hedging against exchange rate fluctuations, and increasing liquidity.
And with the stable exchange rate developments, the need for investors and individuals to hedge against the dollar exchange rate by buying gold disappeared, which represented negative pressures on the price of gold inside Egypt.