Gold prices today, Tuesday, are down 5 pounds, and 21 karat records 1765 pounds

Gold prices today, Tuesday, are down 5 pounds, and 21 karat records 1765 pounds
Gold prices today, Tuesday, are down 5 pounds, and 21 karat records 1765 pounds
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Today, Tuesday, January 24, 2023, gold prices in Egypt are witnessing a decline of about 5 pounds, to record a gram of 21 karat gold, which is the best-selling in Egypt, 1765 pounds per gram, while the gold market is witnessing a state of complete calm after the stability of the dollar exchange rate in banks.

Gold prices today

18 karat records 1513 pounds.

21 karat records 1765 pounds.

24 karat records 2017 pounds.

The gold pound records 14,120 pounds.

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The international price of an ounce is $1941.

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Reasons for the decline of gold in Egypt

The gold bullion report revealed 3 reasons that led to the decline of gold in Egypt during trading. The first reason was the stability of the exchange rate of the pound against the dollar, and the second reason was government statements confirming the end of the crisis of stockpiling goods in the ports, which gives signals to investors in Egypt to relieve pressure. On dollar resources and the stability of the current exchange rate in the short term.

The third reason is the announcement by the Russian Central Bank of adopting the Egyptian pound in the currency basket against the Russian ruble, which opens the way for Egypt to import its needs of wheat without using the dollar, which represents less pressure on Egyptian dollar resources, and this caused greater calm in the dollar exchange market and then a decrease gold

The Central Bank had announced the start of financial derivatives operations in the Egyptian exchange market, and financial derivatives are among the important tools in increasing investment, supporting importers and manufacturers, hedging against exchange rate fluctuations, and increasing liquidity.

And with the stable exchange rate developments, the need for investors and individuals to hedge against the dollar exchange rate by buying gold disappeared, which represented negative pressures on the price of gold inside Egypt.

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