Today, Monday, gold prices are seeing a drop of around £50, and an ounce of 21-karat gold, which is Egypt’s best-selling today, registered £1450 per gram with no industrial additions, after a significant increase in past days and in today’s transactions due to the tendency of consumers and capital holders to hedge against a decline in currencies.
Gold prices today:
18 carats registered 1217 pounds.
21, record 1450 lbs.
24 carats, a record 1624 pounds.
The gold pound is 1360 pounds.
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 saying He said: “The situation is difficult, not easy, and the door must be opened to the export of gold jewelry, because it bears a brand made in Egypt and supplies the state with millions of dollars a month due to of export earnings.
