Today, gold prices in Egypt saw a decline to levels of 1700 pounds per gram of 21 carat which is Egypt’s best selling as the wave of turmoil continues in the market amid momentary price changes for the metal due to speculation, and prices fell back to £1700 levels for the main calibre, as precious metal prices fluctuate around the clock, causing market paralysis and some companies to stop announcing prices.
Gold prices today:
18 carats registered 1457 pounds.
21 carats registered £1,700.
24 caliber, 1947 pounds.
14 karat registered 1136 pounds.
The gold pound is £13,600.
Sameh Abdel-Hakim, gold market expert and Gold Division member, confirmed that current prices are exaggerated and there is unacceptable speculation which has led to this price shift and unwarranted rise, while global prices they recorded a decline to $1772 from $1800.
He added, in exclusive statements, that the global trend in gold is expected to be influential in the price movement, noting that the coming period could see a decline in gold in Egypt as speculation on the precious metal declines.
Sameh Abdel Hakim indicated that there are big speculators whose role in determining the price of gold should be limited, indicating that the government supports price discipline and there is continuous communication to create a calm state in the gold market. gold during the next period.
In global gold prices, there was little change in gold prices on Tuesday 6 December, with the dollar stabilizing after posting its biggest jump in two weeks in the previous session, while fears of a major US rate hike by the Federal Reserve continued.
Gold stabilized in spot transactions at $1769.99 an ounce and US gold futures contracts were unchanged at $1781.20 an ounce.
Gold fell after hitting a 5-month high, closing down 1.6% as the dollar rallied after data fueled speculation that the US Federal Reserve could raise interest rates more than expected recently.
OANDA chief market analyst Edward Moya said financial markets had to raise expectations of a rate hike by the US Federal Reserve after a wage hike in November.
“However, gold has seen a slight rally since early November, and a sharp pullback doesn’t seem warranted as the economy slows down and inflation is expected to fall steadily here,” he added.
BTC, the largest company involved in the gold bullion trade in Egypt, has decided to stop selling in Egypt, justifying its decision with the fact that the market is not regulated, and announced it in a statement released earlier. and posted on his official social media page.
