The price of gold in Egypt ends the series of rises

Listen to the article. The audio text is automated, generated by an automated system

Gold prices fell in Egypt during trading today, Monday, as the price of a gram of 21 carat gold fell by about 10 pounds, to record 6,175 pounds, according to the “iSagha” platform for trading gold and jewelry online.

The price of a gram of 24 karat gold was recorded at about 7,075 pounds for sale, compared to 7,030 pounds for purchase, and an ounce was traded in global markets near 4,211 dollars during today’s transactions.

The price of the dollar in Egypt was about 52.53 pounds for purchase and 52.63 pounds for sale, while the goldsmith’s dollar recorded about 52.54 pounds. The exchange rate represents one of the main determinants of gold pricing locally. The rise of the dollar against the pound increases the local value of the ounce when other factors remain constant.

By calculating the theoretical price of a gram of 21 carat gold using the price of an ounce at $4,188.13 and an exchange rate of 52.54 pounds, the price reaches about 6,190 pounds per gram before workmanship, taxes, and any local bonus or discount, as the local price is about 15 pounds less than the theoretical value calculated with these inputs.

Saeed Embabi, Executive Director of the “iSagha” platform, said, “The gold market is going through a stage in which geopolitical risks overlap with monetary policy pressures, and therefore the movement of gold cannot be explained by relying on one factor. Tensions may support the demand for safe havens, but the strength of the dollar and the rise in bond yields may limit this support.”