The collapse of gold prices in Egypt in anticipation of the placement of the pound sterling

The price of gold in Egypt has collapsed and is recovering from the turmoil, especially since the International Monetary Fund has agreed to lend Egypt $3 billion, and expectations of a new floating rate of the pound against the dollar.

The price of gold fell today, Monday, December 19, 2022, in Egypt to £300 once per 21 carats, and this resulted in a cessation of buying and selling in the jewelers’ market.

Some gold experts attribute such a significant decline in the price of the yellow metal to the expectations of the Central Bank’s decisions regarding the floating rate of the pound, which led to a fall in the dollar and a collapse in gold prices in Egypt.

Gold expert and owner of one of the shops in jewelers Amir Rizk Abdo confirmed: “There is no price for gold yet, because there was a collapse from 200 to 250 pounds per gram, and the price of gold is not announced and is not fixed, and transactions in the jewelry the market is suspended until the price is fixed.

The price of 24 carat gold in Egypt has reached 1750 pounds per gram and is considered the most common type in the Gulf countries, while the price of 21 carat gold has reached 1500 pounds per gram and is considered the most common type. type in the governorates of Cairo and Alexandria, while the price of 18-karat gold has become at the level of 1300 pounds per gram and is the most common type in Upper Egypt.

Source: Week

Follow AsumeTech on

More From Category

More Stories Today

Leave a Reply