Gold in Egypt drops sharply after breaking above £1,700. 25% Listing Gain From Investing.com

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Investing.com – The rise of gold in global markets, combined with the drop in the exchange rate of the pound against the dollar to levels below 24.6 EGP to the dollar, fueled the mad rally of gold in the market.

During today’s trading, gold prices in Egypt’s gold market rose to a new all-time high, with an average increase of around £35 per gram.

According to gold quotations in Egyptian gold markets, the price of the most expensive gram on the 24th approached £1,700 levels, while the price of the most popular gram on the 21st is heading towards £1,500 levels .

In a period of less than a month since exchange liberalization last October, the price of an gram has risen on average between £400 for 24 carats and almost £370 for 21 carats, an average increase of 25%.

Modernization

After the expansion, gold climbs in the Egyptian market, eventually exceeding 50 pounds, as 21 carat exceeded 1505 pounds levels, while 24 carats per gram exceeded 1700 pounds per gram levels.

Today, Monday, gold prices saw a sudden rebound of around £20 and an ounce of 21-karat gold, which is Egypt’s best-selling today, registered £1480 per gram with no industrial additions.

18ct gold traded at £1268 during these trading moments today, Tuesday, 21ct gold traded at £1480, 24k gold traded at £1691 and gold sterling at £11840.

The decline in gold prices in the local market came after the sudden shift in the price of the yellow metal in global markets as concerns over China deepened amid the crisis of protests in light of the country’s accession to the zero Covid policy.

The concerns of investors around the world were reflected in the performance of all assets, which saw declines by various degrees during these trading moments on Monday.

Prices today

The price of gold in Egypt today, Monday, jumped wildly, by around £35, 21 carats, during intermediate transactions, to approach £1,500 without adding labour, taxes and stamps in the local market.

Today, Monday, gold prices in Egypt rose about 40 pounds per gram of 24-karat gold, and recorded an increase of 30 pounds per gram of 18-karat gold.

Today, the price of 24-karat gold has reached about 1697 pounds, while the price of 21-karat gold today recorded 1485 pounds.

Today, the price of 18-karat gold has risen to £1273, while 14-karat gold has registered around £993.

Prices in bars and pounds

  • The price of a gold bar weighing 1 gram is 1697 pounds

  • The price of a 5 gram gold bar is £8485

  • The price of a gold bar weighing 10 grams is £16,970

  • The price of a gold bar, weighing one ounce (31.5 grams), is £53,455,000

  • The price of a gold bar weighing 50 grams is approximately £84,850

  • The price of a gold bar, weighing 100 grams, was approximately £169,700

  • The gold bar weighing 1 kilo amounted to approximately 1,697 million pounds

  • The price of the gold pound in Egypt today was about 11,880 pounds weighing 8 grams of 21 carats, and this price is equal to the value of pure gold before the calculation of labour, tax or stamp duty.

Gold on October 25th

Before the exchange rate liberalization of 26 October, i.e. less than a month ago, the gold prices, according to the Egyptian market, recorded the following levels:

  • The price of 24-karat gold is around £2, which is the highest caliber in Egypt, at £1292.
    Today’s price of 21 carats is approximately £1132
    The price of an ounce of 18-karat gold today is the lowest locally and the most formatted, reaching £970.
    The price of a gold pound is approximately £9056 and the pound weighs 8 grams of 21 carats.
    The price of an ounce of 24-karat gold, to record about 40052 pounds, and an ounce weighs about 31 grams of the highest quality 24-karat gold.
    The price of a kilo of 24-karat gold is approximately 1,292 million pounds and weighs 1000 grams.

pound now

The dollar rate at national banks, Al-Ahly and Banque Misr, recorded levels of £24.55 in sells, and levels of £24.5 in buys, at these points in Monday’s trading.

In private banks, the price of the dollar recorded a rise of two points, to reach levels of 24.6 pounds for sales and levels of 24.57 dollars for purchases, in the banks of the Egyptian Gulf Bank, Abu Dhabi Islamic Bank, Commercial International Bank, Al Ahli Bank of Kuwait (Piraeus).

gold globally

During those times, it climbed $7, or 0.4%, to reach levels of $1761 an ounce.

– Spot gold contracts rose US dollars during these trading times today Monday by $8 to levels near $1760 an ounce.

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