Supervisor Elham AbolFateh
Editor in Chief Mohamed Wadie

Get to Know Gold Prices' Differences in Local and Int'l Markets

Gold Prices

Thu 25 May 2023 | 09:55 PM
Walid Farouk

Gold prices continued to decline in the local markets during trading today, Thursday, in light of the decline of ounces on the global stock exchange due to the rise in the dollar, supported by the markets’ anticipation of the results of the negotiations to raise the US debt ceiling, as well as the US GDP data scheduled for release later today, while the US Federal Reserve minutes revealed yesterday revealed a state of uncertainty among the members of the Board regarding the fate of interest rates.

Saeed Imbaby, executive director of the "iSagha" platform for trading gold and jewellery via the Internet, said that gold prices fell by 45 pounds at the beginning of today’s trading, compared to the end of trading yesterday evening, Wednesday, so that a gramme of 21-karat gold recorded a level of 2330 pounds, while an ounce stabilised on the global stock exchange at 2330 pounds. $1961 level.

Imbaby added that the movement of buying and selling in the local market is normal, and bullion and pounds are available as the market has returned to the policy of immediate delivery.

He stressed that the markets are still far from a fair price, and the price of gold in the local market is about 130 pounds higher than the prices on the global stock exchange.

Imbaby pointed out that prices began a series of declines with the announcement of the government's decision to exclude gold accompanying returnees from abroad from customs duties, and the decision was an excuse for the price drop because the wave of decline began before the implementation and entry into force of the decision, just as the supply and demand factor was an excuse to raise prices.

Imbaby added that the market is still continuing the scenario of lowering prices for purchase and compensating for what was sold to citizens, then raising them again for sale at high levels to maximise profits.

He added that a gramme of 24 karat gold recorded 2663 pounds, a gramme of 18 karat gold recorded about 1997 pounds, a gramme of 14 karat gold recorded about 1554 pounds, and a pound of gold recorded about 18640 pounds.

He pointed out that gold prices declined by 45 pounds in the local markets during trading yesterday evening, Wednesday, as a gramme of 21-karat gold opened trading at the level of 2420 pounds and closed transactions at the level of 2375 pounds, while the ounce declined by about 15 dollars in the global markets, as it opened transactions at the level of 1975 dollars and closed transactions at the level of 1960 dollars.

Translated by Ahmed Moamar