Egypt's gold market has been witnessing significant fluctuations in recent times, with many investors and buyers eagerly waiting for the right moment to purchase gold at an affordable price. The 21-carat gold, in particular, has been in high demand, and buyers are exploring various strategies to acquire it at a lower cost. According to El Watan News, buyers are seeking ways to invest in gold without incurring high manufacturing costs.
The current prices of gold in Egypt are as follows: 24-carat gold is selling at around 7,102 pounds per gram, while 21-carat gold is priced at approximately 6,235 pounds per gram. The price of 18-carat gold stands at around 5,328 pounds per gram. Additionally, the price of a gold pound is around 49,925 pounds, and the price of a 24-carat gold bar varies depending on its weight. Buyers can calculate the price by multiplying the number of grams by the price of a single gram, which is around 7,102 pounds.
To purchase gold at an affordable price, buyers are opting for various strategies. One such approach is to buy used gold, also known as "koser" gold, which is in good condition and has a lower manufacturing cost. Another strategy is to purchase gold bars or pounds that are broken or used, which have a significantly lower manufacturing cost compared to new items. Furthermore, buyers are also considering purchasing gold directly from workshops or manufacturers, rather than from traders, to save on manufacturing costs.
According to Nehal Abou El-Ghait, a gold trader in the Fayoum governorate, the manufacturing cost of 21-carat gold varies depending on the design and the company that produced the gold item. The cost can range from 150 pounds to 300 pounds for simple gold items, while more complex or branded items can have a manufacturing cost of up to 500 pounds. However, the manufacturing cost for gold bars and pounds is relatively lower, ranging from 30 to 60 pounds.
Buyers in Egypt's provinces, particularly in Upper Egypt, are increasingly adopting these strategies to purchase gold at affordable prices. The Fayoum, Beni Suef, and Minya governorates, as well as the Sharqia governorate, have seen a significant uptake in gold purchases, driven by the desire to invest in gold as a means of saving and preserving wealth. These buyers prioritize the value of the gold over its design or aesthetic appeal.
The trend of purchasing gold without manufacturing costs is more prevalent in certain provinces, where buyers are keen to invest in gold as a safe-haven asset. In these regions, buyers are willing to forego the design and aesthetics of gold items in order to save on manufacturing costs. This approach allows them to acquire gold at a lower price and potentially earn higher returns on their investment.
Overall, Egypt's gold market continues to experience fluctuations, driven by changes in global prices and local demand. As buyers seek affordable options, they are exploring various strategies to purchase gold at lower costs. By understanding the current market trends and prices, buyers can make informed decisions and potentially benefit from investing in gold.
Key points
- Buyers in Egypt are seeking affordable options to purchase gold, including buying used gold or purchasing directly from workshops.
- The manufacturing cost of gold items in Egypt varies depending on the design and company, ranging from 150 to 500 pounds.
- Certain provinces in Egypt, such as Fayoum and Sharqia, have seen a significant uptake in gold purchases driven by the desire to invest in gold as a means of saving and preserving wealth.
