Cairo – Mubasher: Gold prices fell by about EGP 200 in the local markets in Egypt during the trading week that ended this evening, Saturday.
According to the market research department of the “Egypt Gold” company, this decline came as a result of the acceleration of citizens to sell their gold possessions, after the government approved a decision to exclude the entry of gold without customs with returnees from abroad.
Fadi Kamel, Executive Director of the “Gold of Egypt” company for gold trade, said that the declines in the markets came as a result of the repercussions of the government’s decision to allow citizens returning from abroad to bring any amount of gold, whether ingots, pounds or artifacts, without incurring any fees other than a value-added tax, which prompted citizens to sell What is in their possession, fear of a sharp decline in prices after pumping more gold ore, and increasing the supply.
And Kamel explained that gold prices in the local markets witnessed a state of sharp fluctuations between rise and fall, during today’s trading, Saturday, as a gram of 21 carat gold fell by about 10 pounds, as it opened today’s trading at 2.410 thousand pounds, and fell to the level of 2.3 thousand pounds, and rose to 2.450 thousand pounds, and closed today’s trading at 2.4 thousand pounds.
And he added that a gram of 21 carat gold recorded 2.6 thousand pounds at the beginning of the week’s trading, and touched 2.3 thousand pounds, and the week’s dealings ended this evening, Saturday, at the level of 2.4 thousand pounds, achieving a weekly loss of 200 pounds per gram.
An ounce fell on the global stock exchange by $8, with the closing of the trading week ending on Friday evening, as an ounce recorded at the beginning of the week’s trading about $2.018 thousand, and touched the level of $2.043 thousand, and fell to the level of $2.005 thousand, and trading concluded yesterday evening, Friday, at $2.018 thousand. .
He added, that a gram of 24 karat gold is trading at a price of 2.742 thousand pounds, a gram of 21 karat gold has recorded 2.4 thousand pounds, a gram of 18 karat gold is trading at a price of 2.057 thousand pounds, and a gram of 14 karat gold is trading at a price of 1.6 thousand pounds, and the price of an ounce of gold is About 85,320 thousand pounds, and the price of a gold pound is about 19.2 thousand pounds.
