Gold prices saw a drop of around £10 this Tuesday evening, and an ounce of 21-karat gold, which is now Egypt’s best-selling gold, registered £1460 an ounce with no labor added, after a significant increase in recent days with the tendency of consumers and capital owners to hedge against a decline in currencies.
Gold prices today:
18 karat registered 1251 pounds.
21 carat registered 1460 pounds.
24 carats, a record 1668 lbs.
The gold pound is £11,680.
The total increase in gold prices at the end of last week reached 160 pounds in the Egyptian market due to high demand for gold in the market and declining supply volume. gold purchase in the second quarter of 2022
Precious Metals Division Board Member Mamdouh Abdullah said that the precious metals industry needs to import manufacturing needs, all of which are non-local, and these manufacturing needs have increased significantly in recent times with the continuous movement of the dollar, including, for example, “wax, eraser, brushes”. monthly costs and charges, with the continuation of a significant drop in plant sales, which is undoubtedly reflected in the markets and prices.
Abdullah said, in exclusive statements, that factories can’t increase manufactures any more than they are now, so gold industries decrease, and the focus is on the alloy industry because it doesn’t need manufacturing requirements imported from abroad, commenting on the current situation by saying He said: “The situation is difficult, not easy, and the door must be opened to the export of gold jewelry, because it carries the “Made in Egypt” stamp and consequently supplies the state with millions of dollars per month of export earnings.
