Written by: Fatma Younis
Gold prices in Egypt stabilized during Monday's trading, continuing their sideways movement for the second consecutive session amidst ongoing anticipation of local and global economic developments, at a time when the local market is witnessing an interaction between global price movements and exchange rate changes.
The price of a gram of 21 karat gold, which is the most demanded and traded in the Egyptian market, is trading at the level of 6,270 pounds. This local stability comes despite the rise recorded by the precious metal in global markets, which was offset by an improvement in the exchange rate of the pound against the dollar in official banks, following a series of successive gains achieved by gold during the past sessions.
Details of Gold Prices and Various Karats
Gold prices in the Egyptian market recorded different levels according to the grade and karat; where the price of a gram of 24 karat gold reached about 7,166 pounds, and 22 karat recorded about 6,569 pounds. In the same context, the price of 18 karat reached about 5,374 pounds, while the price of 12 karat reached about 3,583 pounds, and the price of the gold pound reached about 50,160 pounds.
The prices of gold jewelry vary from one goldsmith shop to another based on several factors including the value of workmanship (masnawiya), hallmark, and taxes, in addition to the nature of the jewelry and the place of sale. The value of workmanship often varies according to the karat, as its percentage increases in 18 karat jewelry compared to 21 karat, which affects the final price for the consumer.
Global Price Movement and Market Anticipation
Globally, gold prices rose during spot trading in conjunction with market participants awaiting anticipated economic data and central bank meetings to discuss interest rates and inflation developments. These economic indicators play a pivotal role in directing investors' compass towards various assets, amidst close monitoring of the impacts of energy prices and monetary policies on the movement of commodities and global financial markets.
