During the past few hours, we have witnessed great jumps in the price of gold in the Egyptian market, exceeding the rises – at the time of drafting these lines – 180 pounds per gram, which is a very large rise. In prices, the dollar’s price increased to levels of 18.50 pounds, compared to 15.74 pounds, as members of the Gold Division assert that the rise in the dollar is the reason for these price increases.
So, how do gold traders calculate prices on a daily basis and who controls the pricing operations? How do gold traders in the various governorates of Egypt relate to a unified price for gold? Is there more than one dollar price among gold traders? And are gold traders obligated to determine the daily price of the yellow metal at a price The dollar announced in the banks? Many questions come to the mind of the consumer during the past hours, after the huge rises in gold prices.
Wasfi Amin, head of the General Division of Gold Jewelery in the General Federation of Chambers of Commerce “previously”, said that every merchant has a screen in the place where he sells is connected to the Internet and knows the change in the global price in an instant, and prices are determined according to global changes, indicating that small traders in the provinces communicate On a daily basis with manufacturers to find out any change in prices these days as a result of the turbulence in the price of the dollar, according to a previous interview.
Wasfi Amin added to “The Seventh Day”, that the number of gold shops in the Egyptian country is only 30,000, and the Chamber of Commerce and the Federation of Chambers do not have the authority or the ability to determine the price, noting that the determination is according to the global variable, as there is contact between most traders in all governorates. The price is then determined every day, taking into account other factors such as supply and demand, the dollar and the volume of supply in the markets.
The former head of the General Division of Gold Jewelery in the General Federation of Chambers of Commerce explained that there are some differences between the price in some governorates, but after the merchants communicated with the start of gold sales with the major traders in the major centers in the governorates, these differences are dissolved, which never reaches 5 pounds. For every gram, we find the market is regulated at a flat price as the clock reaches 2 pm.
Formerly Secretary of the Precious Metals Division in the Cairo Chamber of Commerce, Nady Naguib said that there is no price controller in the gold market because it is subject to the phenomenon of supply and demand. The price of the dollar on the black market is determined.
Naguib Club added that there are no clear differences in prices among traders in the governorates, so there is no room for a big difference. Every day, traders follow changes in the global price and with manufacturers to know prices, but the lack of supply and the increase in demand drive up the price insanely.
And gold prices in Egypt today recorded an increase of 50 pounds at the beginning of trading, against the background of a continuous movement in the price of the dollar, to record 21 karat gold, which is the main caliber of 1075 pounds per gram, compared to 1025 pounds per gram.
Gold prices today, 18 karat records 921 pounds, 21 karat records 1075 pounds, 24 karat records 1228 pounds and the gold pound is 8600 pounds.
Hani Gayed, head of the Gold Division in the Federation of Chambers of Commerce, revealed that the gold market in Egypt is linked to the global stock exchange, but there are several criteria that affect prices in Egypt now, even if we do not witness a development in the global price, pointing out that the most important of these factors is the dollar price in the markets. Egypt, supply and demand factors, the volume of gold supply, as well as the volume of imports.
He added regarding the developments of the gold market in Egypt, during an interview with “The Seventh Day”: that the demand for gold in Egypt is high now, and there is a decline in the import of the yellow metal, which makes the price in Egypt high despite the global decline.