Business hub – cairo
Gold prices witnessed a gradual decline since yesterday evening, after it continued to rise over the past two weeks to record rates that were considered the highest in its history.
According to the General Division of Gold and Jewelry of the General Federation of Chambers of Commerce, the price of a gram of 21 carat gold in yesterday’s trading recorded 1460 pounds, retreating from yesterday’s prices by 55 pounds, as it reached a price of 1515 pounds, while the price of a gram of 24 carat decreased by about 63 pounds, to record 1668.5 pounds compared to 1731.5 yesterday evening,
The price of the gold pound fell by about 440 pounds, to record 11,680 pounds during yesterday’s trading, compared to 12,120 during yesterday’s trading, and the price of an 18-carat gram was 1251.5.
Hani Milad Gayed, head of the division, said that the rise in prices during the past two weeks was behind a large increase in the volume of demand for bullion and raw gold, which exceeded the volume of supply in the local market, with the entry of hot money for speculation that prices the precious metal, which raised prices to unprecedented levels throughout the year.
Milad added that with the price increase, the markets witnessed medium-sized selling operations over the past two days from some crude holders, to stabilize the market condition, which witnessed continuous increases from one hour to another during the past week. Prices also began to stabilize relatively, slowing down the rate of change throughout the day.
Milad expected the price to continue declining with the supply volume increasing, which will coincide with consumers’ willingness to sell in order to reap the profits achieved by the gold price over the past week.
On the international price of gold, Milad said that the local markets are not currently linked to international prices due to the decline in the volume of imports, the lack of sufficient dollar liquidity to import gold, and the dependence of the local market on recycling the quantities available locally.