Gold prices rose in Egypt today, Friday, with 21-karat gold recording 3,230 pounds per gram

We publish gold pricesIn morning trading, today, Friday, gold was recorded 21 caliber– It is the best-selling product in Egypt – 3230 pounds per gram – at the time of writing these lines – after recording levels of 3180 pounds yesterday, an increase of 50 pounds per gram.

Gold prices today

24 karat records 3691 pounds.

21 carat costs 3230 pounds.

An 18 karat carat costs 2769 pounds.

14 karat records 2153 pounds.

The gold pound is 25,840 pounds.

Gold sales developments during Eid

Sameh Abdel Hakim, a member of the Gold Division in the Chamber of Commerce, revealed the stability of demand in the markets during the last days of the holy month of Ramadan for the year 2024, indicating that the demand for gold bullion and coins is currently almost at a standstill, and what is currently being sold is gold jewelry, and investment demand is declining significantly.

He added in private statements that the stability of gold prices above levels of 3,200 pounds per gram of 21 karat, which is the best-selling product in Egypt, is due to the rise in the global price of gold to record levels and historically at $3,370 due to the rise in global demand to hedge against geopolitical turmoil.

He stressed that the price of gold has become strongly linked to the movement of the dollar in the official banking market, and that market developments are also linked to supply and demand factors, in addition to being affected by the price of gold globally, so any changes in gold prices will be linked to these factors, whether during the Eid period or any other periods.

He added in private statements that what is known is that demand for gold moves during the Eid period, engagement occasions and other occasions, and this may have an impact if we witness a significant increase in demand in the market, and this may move prices higher, but not as strongly as the dollar’s ​​movement.

Regarding the global price, Abdul Hakim said that gold continues in a strong wave of rise that has been going on for 7 weeks, with only one week of decline interspersed with it, which indicates the strength of the upward movement and the strength of the buying momentum in the markets, which reduced the chances of the price correcting downward during the recent period. .

He added that geopolitical tensions have greatly supported gold prices during the recent period, as the war between Russia and Ukraine is still raging, and in the Middle East, concerns about the war between Iran and Israel remain, even though Israel held some peace talks with Hamas in Egypt.

Leave a Comment