Supervisor Elham AbolFateh
Editor in Chief Mohamed Wadie

Gold Prices Stabilize, 21-Karat Records EGP 991


Sat 02 Jul 2022 | 04:13 PM
walid Farouk

Gold prices stabilized in domestic markets on Saturday as the gold ounces recorded, yesterday, $1812 in world exchange markets.

In the same context, gold prices witnessed slightly unstable performance on Friday as the price of the ounces fell to $1785, before rose to $1812.

Saied Embabi, the CEO of Isagha platform, said that gold's stable performance in domestic markets today followed a restricted unstable performance of the yellow metal on Friday, adding that 21-karat reached EGP 991, instead of EGP 983.

Embabi highlighted that 24-karat hit EGP 1133, on the other hand, 18-karat was sold at EGP 850. Finally, karat-14 reached EGP 661, and the gold pound was sold at EGP 7928.

He explained that gold prices declined for the third week in a row after the latest central banks’ monetary policies came into action, alongside the rising expectation of an interest rate increase by the end of this month which drove investors to stop investing in gold.

Moreover, India announced an increase in the taxes on gold due to decreasing demands. The state taxes on importing gold to 12.5% instead of 7.5%.

It is worthy to mention that India’s purchases of gold increased to their highest level in 10 years, recording 1050 tons in 2021, instead of 430 tons in 2020.

Contributed by Rana Atef