Today (Tuesday), gold prices witnessed an insane rise, with the gold pound recording an increase of about 1240 pounds, to reach 18560 pounds, compared to 17320 pounds during last weekend’s trading, while the price of the pound yesterday (Sunday) reached 18200 pounds, an increase. 360 pounds, in addition to the workmanship, according to the latest prices of goldsmiths’ shops.
The price of the 21-carat yellow metal, the best-selling in Egypt, increased by about 120 pounds, to record approximately 2320 pounds, while the price of a gram of 24-carat gold increased by 137 pounds, recording about 2651 pounds, and the price of a gram of 18 carat gold also increased by about 103 pounds. , to record today 1988 pounds.
The General Division for Gold and Jewelry of the General Federation of Egyptian Chambers of Commerce monitored these increases, stressing that they are unjustified increases in local prices, in light of the stability of the exchange rate and the stability of domestic demand, compared to the volume of current supply, at a time when metal prices declined globally to record 1996 dollars an ounce. , down from the starting price of trading, which was estimated at 2004 dollars an ounce.
In its reports, the division advised consumers to be careful in the purchase movement until market prices are stable and commensurate with the global price, and not to consider the current increase as an indication of a future increase in prices, which may push some to increase their purchases of gold.
For his part, Saeed Imbaby, one of the senior goldsmiths in Egypt, indicated that gold prices in Egypt are still witnessing unreal levels, as a result of some manipulation and exploitation of citizens’ fears about rumors of currency decline, which prompted them to go for gold as a safe haven to hedge and preserve the value of their money, stressing the need Monitoring the gold markets, especially in light of the existence of unfair pricing that drains the savings of citizens, as a result of buying at high price levels that do not correspond to international prices, supply and demand.
Mohamed Hefny (Cairo)