Gold prices in Egypt witnessed a significant decline today, as the price of a gram of 21 carat gold, the most common in Egypt, decreased by 130 pounds, to reach 2300 pounds, which represents a continuous collapse of the yellow metal, which fell in just one week to about 400 pounds per gram.
In a related context, the Egyptian Cabinet approved a draft decision on exempting gold imports from customs tax and other fees, with the exception of value-added tax, for a period of six months. The draft stipulated the exemption of imports of semi-worked gold intended for monetary circulation, ornaments, jewelry and their parts of precious metals, even if they were clad or clad with a crust of precious metals. This exemption comes within the framework of the efforts exerted to achieve stability in gold prices within the markets, and to reduce customs smuggling attempts of semi-finished and occupied gold items through various customs outlets.
However, this government decision did not restore confidence to investors and citizens in gold, and the market is still witnessing a continuous decline in gold prices, which reinforces the expectations of lower prices in the near future. This crisis is expected to continue for a longer period unless urgent and effective measures are taken to stabilize the Egyptian gold market.
Hani Milad, head of the gold division at the Cairo Chamber of Commerce, told Masrawy that the decline in gold prices during the past days and hours came as a result of the increase in the supply of gold after the decision to exempt customs from gold, which created a state of fear of a low price, so many went to sell.
Milad added that there is a significant decline in gold purchases, which means a decrease in demand for gold, which contributed to the drop in prices.
Club Naguib, former Secretary General of the Gold Division of the Cairo Chamber of Commerce, agreed with him, telling Masrawy that the decline in prices at the present time was the result of a state of confusion in the local market that prompted some investors to sell, and many refrained from buying, which contributed to an increase in the supply of gold.
Hani Milad believes that the current gold prices, after the recent declines, are suitable for buying, and that they will not last for a long time before returning to rise during the coming period.
Milad indicated that the price of gold may continue to decline in the coming days, but it will rise again during the following weeks.
Updated: The price of gold in Egypt in goldsmiths’ shops without workmanship
| gold unit | The price of gold in Egyptian pounds |
|---|---|
| 24 karat | Selling 2,600 Buying 2,657 |
| 22 caliber | Selling 2,383 Buying 2,436 |
| 21 caliber | Selling 2,275 Buying 2,325 |
| 18 karat | Selling 1,950 Buying 1,993 |
| 14 karat | Selling 1,517 Buying 1,550 |
| 12 karat | Selling 1,300 Buying 1,329 |
| ounce | Selling 80,860 Buying 82,637 |
| gold pound | Selling 18,200 Buying 18,600 |
| kilo | Selling 2,600,000 Buying 2,657,143 |
The price of a gram of gold today in dollars
Today, the global gold price was recorded on the New York Stock Exchange, on the first day of the weekly holiday for the global stock exchange, as follows:
The price of a gram of 24 karat gold was recorded at 64.66 dollars.
The price of a gram of 21 carat gold was about $56.58.
The price of a gram of 18 carat gold was about $48.50.
The price of gold pounds today in Egypt
The price of a pound of 21 karat gold today, in goldsmiths’ shops, was recorded at 19040 pounds, and this price is equal to raw gold, without workmanship, tax or stamp, and weighs 8 grams of 21 karat gold.
Gold prices today in Egypt
Gold prices today in Egypt are as follows:
The price of a gram of 24 karat gold reached about 2697 pounds, and the price of a gram of 21 karat gold reached about 2360 pounds, and the price of a gram of 18 karat gold traded at 2022 pounds, and the price of a gram of 14 karat gold reached 1573 pounds.
The price of gold today in dollars
The price of an ounce of gold today, during the global stock market holiday, reached about 2010.88 dollars.
Gold price today in Egypt – sell
The price of a gram of 24 carat gold was about 2640 pounds, and the price of a gram of 21 carat gold was about 2310 pounds, and the price of a gram of 18 carat gold reached 1980 pounds, and the price of a gram of 14 carat gold was traded at 1540 pounds.
