The local gold markets are witnessing a state of pricing chaos after a wave of successive rises during yesterday’s trading.
Saeed Imbaby, executive director of the “iSagha” platform for online trading gold said that gold prices in the local markets are subject to pricing chaos, and there are no longer standards in pricing, as the 21K vary between EGP 1,850 and EGP 1,950 per gram.
Imbaby added that by adopting the price of the 21K at EGP 1,900, a gram of 24K would record EGP 2,172, 18K would stand at EGP 1,629, and the 14K would amount to EGP 1,267, the price of the 8g gold coin would record the level of EGP 15,200 pounds.
Imbaby explained that the market also witnessed a 50% increase in workmanship, and the market raised the bullion purity difference from EGP 8 to EGP 15 .
He added that the local market is still awaiting the Central Bank of Egypt's (CBE) decision on the exchange rate of the pound against foreign currencies, and MPC decision on interest rates, which will have an impact on price movement during the coming period. Meantime, the ounce on the global market rose slightly to record $1783; as the feds are expected to tighten monetary policy and hike rates in 2023.
Follow the latest news on Google News
