Today, gold prices in Egypt witnessed a decline to levels of 1700 pounds per gram of 21 carat, which is the best-selling in Egypt, with the continuation of the wave of unrest in the market amid momentary changes in the price of the metal due to speculation, and prices fell again to levels of 1700 pounds for the main caliber, in When the prices of the precious metal record continuous changes around the clock, which caused paralysis in the market and the tendency of some companies to stop announcing pricing.
Gold prices today:
18 karat recorded 1457 pounds.
21 karat recorded 1,700 pounds.
24 caliber, 1947 pounds.
14 karat recorded 1136 pounds.
The gold pound is 13,600 pounds.
Sameh Abdel-Hakim, an expert in the gold market and a member of the Gold Division, confirmed that the current prices are exaggerated and there are unacceptable speculations that led to this change in prices and the occurrence of an unjustified rise, while global prices recorded a decline to 1772 dollars compared to 1800 dollars.
He added, in exclusive statements, that the global trend of gold should be influential in the movement of prices, stressing that the coming period may witness a decline in gold in Egypt with the decline in speculation on the precious metal.
Sameh Abdel Hakim indicated that there are large speculators whose role in determining the price of gold should be limited, indicating that the government supports pricing discipline and there is continuous communication in order to create a state of calm in the gold market during the coming period.
At the level of global gold pricing, there was little change in gold prices on Tuesday, December 6, with the dollar stabilizing after recording its largest jump in two weeks in the previous session, while fears of a greater US rate hike by the Federal Reserve continued.
Gold settled in spot transactions at $1769.99 an ounce, and US gold futures contracts remained unchanged at $1781.20 an ounce.
Gold fell after reaching a 5-month high, closing 1.6% lower as the dollar recovered after data fueled speculation that the US Federal Reserve may raise interest rates more than expected recently.
OANDA chief market analyst Edward Moya said financial markets had to increase expectations of a rate hike by the US Federal Reserve after wages rose in November.
“However, gold has seen a slight uptick since early November, and a major pullback does not seem warranted as the economy slows and inflation should decline steadily here,” he added.
BTC, the largest company involved in the trade of gold bullion in Egypt, decided to stop selling in Egypt, and justified its decision by the fact that the market is not regulated, and announced this in a statement issued a short while ago and published on its official page on social media.