Egypt's gold market witnessed a continued decline in prices during evening trading on Monday. The 21-carat gold, most widely traded in the local market, lost around 20 pounds, settling at 6090 pounds per gram. This drop follows a significant decrease in the morning session, where the gram lost approximately 130 pounds. The decline is attributed to a substantial fall in the global ounce price.
The morning session's sharp decline was triggered by a significant drop in the global gold price. Market data showed that the 21-carat gold price decreased from 6230 pounds at the end of Saturday's trading to around 6100 pounds at the start of Monday's trading. Other gold carats recorded different levels during trading: 24-carat gold was around 6960 pounds per gram, 22-carat gold at 6380 pounds, 18-carat gold at 5220 pounds, and 14-carat gold at 4060 pounds.
The gold market also saw the price of the gold pound, weighing 8 grams of 21-carat gold, at around 48,720 pounds. Prices may vary from one store to another based on craftsmanship, stamp, and tax. The mentioned prices reflect the value of raw gold, excluding the cost of craftsmanship. Market trends indicate that global gold price movements significantly impact local prices, alongside the dollar exchange rate and local supply and demand.
Despite the dollar's surge against the Egyptian pound, gold prices in Egypt continued to decline. The dollar's price in the banking market was around 51.92 pounds, with variations in the dollar price used for gold pricing among traders. The global ounce price dropped by about 65 dollars, approaching the 4115-dollar mark per ounce. This decline reflects the ongoing influence of global gold price movements on Egypt's gold market.
The decline in gold prices in Egypt is also influenced by local market dynamics, including supply and demand. The 20-pound drop in 21-carat gold during evening trading indicates a volatile market. As global gold prices fluctuate, local traders adjust their prices accordingly, taking into account the dollar exchange rate and local market conditions.
Market experts point to the significant impact of global economic factors on Egypt's gold market. The fluctuation in global gold prices and the dollar exchange rate play crucial roles in determining local gold prices. As the global market continues to experience changes, Egypt's gold market is likely to reflect these shifts.
In conclusion, Egypt's gold market has witnessed a continued decline in prices, with the 21-carat gold losing 20 pounds to reach 6090 pounds per gram. The market remains influenced by global gold price movements, the dollar exchange rate, and local supply and demand dynamics.
Key points
- Egypt's 21-carat gold price dropped to 6090 pounds per gram.
- Global ounce price decline impacts Egypt's gold market.
- Local market dynamics and dollar exchange rate influence gold prices.
