Gold prices today, Saturday, the latest update for gold

Gold prices today, Saturday, the latest update for gold
Gold prices today, Saturday, the latest update for gold

We publish gold prices Today, Saturday, according to the latest updates within the local markets with the middle of trading, as prices witnessed remarkable stability in today’s trading.

It is expected that gold jewelry will witness an increase in the supply of it in the markets after the announcement of a number of government decisions that would increase the supply by increasing customs exemptions.

Factors affecting gold

Gold prices move on a daily basis within the local markets affected by many factors, including supply and demand, which is the biggest influence on prices during recent months within the local market, along with prices on the global stock exchange and the exchange rate of the dollar.

Gold prices today, Saturday

Today’s gold prices are as follows:

The price of a gram of 24 carat gold was about 2777 pounds.

The price of a gram of 21 carat gold was about 2430 pounds.

The price of a gram of 18 carat gold was about 2083 pounds.

The price of a gram of 14 carat gold was about 1620 pounds.

The price of the gold pound was about 19,440 pounds.

The General Division for Gold and Jewelry of the General Federation of Chambers of Commerce welcomed the decision of Dr. Mostafa Madbouly, Prime Minister, regarding the exemption of gold imports in semi-worked forms, as well as those intended for cash circulation, jewelry and jewelry and their parts of precious metals, even if they are clad or clad with a crust of precious metals, which are accompanied by arrivals. From abroad, from the customs tax and other fees, except for the value-added tax, for a period of six months.

The draft decision also stipulates that this exemption does not apply to natural or cultured pearls, precious or semi-precious stones, mounted or inlaid on jewelry and their parts.

Expectations of a decline in gold prices

Hani Milad Geyed praised the Prime Minister’s quick response to the proposals submitted by the Division to the Minister of Supply and Internal Trade in this regard.

Jaid explained that the value-added tax that is calculated on gold is applied to the value of workmanship and not the value of gold based on the tax accounting protocol signed between the Division and the Tax Authority and is estimated at 14% of the value of workmanship, and it is also supposed to be collected from expatriates at customs outlets without other fees that were prescribed. previously.

Geyed added that the decision will have a direct and rapid impact on the decline in gold prices in the local markets. It will also provide the necessary raw materials to meet the volume of demand, which has doubled compared to the same period last year, according to the estimates of the World Gold Council, which estimated the volume of gold demand in the Egyptian market during the first quarter of this year. About 7 tons, compared to 3.2 tons during the same period last year.

Geyed stressed that the availability of crude in the local markets will achieve the desired balance between local and international prices, and will also be a direct return on the return of remittances from Egyptians abroad in the form of artifacts or gold ore.

New controls and exemptions

The Council of Ministers set the conditions and controls for exempting gold imports from customs tax for those coming from abroad, after the government approved during its meeting today, headed by Dr. Mustafa Madbouly, a draft decision of the Prime Minister regarding exempting gold imports.

The controls included that gold imports be in semi-manufactured forms, as well as those intended for cash circulation, jewelry, jewelry and their parts of precious metals, even if they are clad or clad with a crust of precious metals, which are brought with those coming from abroad, from customs tax and other fees except value-added tax, And that for a period of six months

The global price of gold on the stock exchange

And gold prices fell on Friday, with the rise of the dollar, but the continuing economic concerns and the confrontation related to the US debt ceiling curbed the losses of the yellow metal.

And by 3:01 GMT, spot gold fell 0.3% to $2010.29 an ounce, down 0.3% for the week.

And US gold futures fell 0.3% to 2015.00 dollars.

Investors in gold and raise interest

Brian Lane, managing director at Gold Silver Central, said that while investors look at the uncertainties surrounding the debt ceiling talks in the United States and expect a pause in raising US interest rates, there appears to be a small amount of profit-taking that leads to lower prices, quoting an agency. Reuters.

Gold rose yesterday, Thursday, after data showed a jump in weekly jobless claims in the United States and an annual increase in producer prices last month at the lowest pace in more than two years, but the yellow metal lost its luster with the rise of the dollar, which makes gold more expensive for buyers abroad.

A White House spokesman said Thursday that a meeting scheduled for today on the debt ceiling between President Joe Biden and senior lawmakers had been postponed, and the two sides agreed to meet next week.

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