With movements gold prices Noticeably, in the past few days, with the occurrence of disturbances in gold prices, those about to get married and buy online are wondering when the gold market will stabilize and prices will fall to levels that allow purchases.
In the same context, Sameh Abdel Hakim, a member of the Gold Division, said that the price was suitable for purchase about a week ago as a result of the fall in the price of a gram of 21 carat gold, which is the best-selling gold in Egypt, to 2,650 pounds, but due to supply and demand factors and changes in the volume of demand in the market, prices returned to rise to Levels above 3200 pounds.
When asked about the date of gold’s decline, he said, “The market is now in a state of anticipation for developments in the movement of the dollar exchange rate, and we may witness price changes during the next few days with the stability of the exchange market, and we may witness a calm and decline in the price of gold in Egypt.”
It is noteworthy that the price of gold in Egypt moved during yesterday’s trading after the change in the official exchange rate, and it is expected that fluctuation and instability in the local gold price will continue during this period due to anticipation of the stability of the exchange rate.
The most common 21 karat gold opened trading today, Thursday, at the level of 3,200 pounds per gram, to trade at the same level, after closing yesterday’s session at the level of 3,220 pounds per gram.
The exchange rate of the dollar in banks reached 49.70 pounds per dollar, as the exchange rate became variable according to supply and demand after the Central Bank of Egypt finished fixing the exchange rate at a specific level.
Hassan Abdullah, Governor of the Central Bank, said yesterday that moving the exchange rate is the beginning of several measures that the bank will take, and that intervention will be made in the exchange markets if the bank notices illogical fluctuations.
The Central Governor indicated that the bank currently has enough to pay the state’s obligations, and that the bank no longer aims to maintain the exchange rate again, and the bank’s focus has now become on reducing inflation rates.
As for the future of interest rates, the Central Bank believes that they are heading to a downward path in the medium term, after the bank, in an extraordinary meeting yesterday, raised interest rates by 600 basis points to reach 27.25 for the deposit yield, 28.25% for the overnight lending rate, and 27.75% for the overnight lending rate. Main process.
The Jewelry Division stated that the Central Bank’s decision works to return gold pricing to normal levels and would eliminate speculation.
On the other hand, it was announced yesterday that a new agreement was signed with the International Monetary Fund, according to which the value of the loan would increase to $8 billion from $3 billion, with the possibility of Egypt obtaining another loan worth $1.2 billion from the Environmental Sustainability Fund.