Books – Islam Saeed
Saturday, March 9, 2024 01:39 PM
shhD price of gold Egypt has had a positive week, supported by the major changes witnessed by the markets after the historic decisions of the Central Bank of Egypt, which caused market conditions to change dramatically, but anticipation remains prevalent to know the next step and the implications of these decisions on the markets.
Gold prices in Egypt
24 karat records 3691 pounds.
21 carat costs 3230 pounds.
18 karat, costs 2769 pounds.
14 karat records 2153 pounds.
The gold pound is 25,840 pounds.
Gold in Egypt within a week
During the past week, the local gold price rose by 10.8% to gain 355 pounds per gram, as it closed the week’s trading at 3,270 pounds per gram, and opened the week’s trading at 2,915 pounds per gram.
Last week, the Central Bank of Egypt announced in an extraordinary meeting that it raised interest rates by 600 basis points, reaching 27.25 for the deposit yield, 28.25% for the overnight lending rate, and 27.75% for the main operation rate.
In addition to this, the Central Bank of Egypt allowed the exchange rate to be determined according to market mechanisms, which resulted in an increase in the official exchange rate in banks to record the highest level at approximately 50.85 pounds per dollar, with the official exchange rate recording an increase of 66%.
This decision to move the exchange rate for the first time in more than 14 months comes after the exchange rate of the pound against the dollar in official banks stabilized throughout this period at the level of 30.95 pounds per dollar.
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