Today, Saturday 13-5-2023, the price of a gram of 21 carat gold witnessed a new decline, to record 2390 pounds per gram, at the beginning of trading in the local goldsmiths’ market in various governorates, with a decrease in demand.
Gold prices in Egypt recorded during the week ended a strong decline after a long series of almost daily rises that pushed the price of gold to historical levels that some interpreted as exaggerated, but last week witnessed a calm in the gold markets accompanied by a gradual decline in price levels.
The money in the report monitors gold prices today in Egypt
The price of a gram of 18 karat gold, the best-selling in Cairo, recorded about 2050 pounds without workmanship, while the price of the gold pound in Egypt decreased to about 19120 pounds.
As for the price of a gram of 21 karat gold, the most common, it continued to decline after it recorded a decrease during the past week by about 9%, since it recorded its highest level in its history at 2800 pounds per gram, and the decline took more than two weeks, after the map of demand for gold changed during the last period. After the sharp decline in demand that drove prices crazy during the last period.
The decline in gold prices came in light of the intervention of the concerned authorities in the markets with a number of initiatives to work to calm the markets, the most important of which was allowing those coming from abroad to enter gold imports without customs or fees, except for the value-added tax of 14% on workmanship, in order to work to increase the supply of gold to meet Record high demand during this period.
The Gold Division also took the initiative to reduce the prices of workmanship on gold artifacts in order to increase the demand for them and reduce the demand for bullion and gold coins, which caused the historical rise in gold prices.
These initiatives coincided with a gradual decline in the demand for gold during the recent period, after gold prices absorbed large volumes of cash liquidity resulting from the maturity of the 18% certificates, which was the main reason behind the sharp increase in demand for gold.
Calm domestic demand and initiatives to increase supply in the market helped prices to decline, bringing the local gold market close to returning to pricing according to the global gold price, after being separated from it for a long period of time and relying on local pricing only on supply and demand.
In general, gold remains in an upward trend, and the recent gradual decline in price levels remains a negative correction, since the economic factors that drove the increase in demand for gold are stable and unchanged.