We publish gold prices in morning trading today, Thursday, as 21-karat gold, which is the best-selling gold in Egypt, recorded 3,180 pounds per gram at the time of writing these lines, after recording levels of 3,200 pounds, a decrease of 20 pounds per gram.
Gold prices today
24 karat records 3634 pounds.
21 caliber records 3180 pounds.
18 karat weighs 2726 pounds.
14 karat weighs 2120 pounds.
The gold pound is 25,440 pounds.
The Gold Division reveals the size of the demand for gold during Eid
Sameh Abdel Hakim, a member of the Gold Division in the Chamber of Commerce, revealed the stability of demand in the markets during the last days of the holy month of Ramadan for the year 2024, indicating that the demand for gold bullion and coins is currently almost at a standstill, and what is currently being sold is gold jewelry, and investment demand is declining significantly.
He added in private statements that the stability of gold prices above levels of 3,200 pounds per gram of 21 karat, which is the best-selling product in Egypt, is due to the rise in the global price of gold to record levels and its history at $2,340 due to the rise in global demand to hedge against geopolitical turmoil.
He stressed that the price of gold has become strongly linked to the movement of the dollar in the official banking market, and that market developments are also linked to supply and demand factors, in addition to being affected by the global price of gold, so any changes in gold prices will be linked to these factors, whether during the Eid period or any other periods.
He added in private statements that what is known is that demand for gold moves during the Eid period, engagement occasions and other occasions, and this may have an impact if we witness a significant increase in demand in the market, and this may move prices higher, but not as strongly as the dollar’s movement.
Regarding the global price, Abdul Hakim said that gold continues in a strong rising wave that has been going on for 7 weeks, with only one week of decline interrupting it, which indicates the strength of the upward movement and the strength of the buying momentum in the markets, which reduced the chances of the price correcting downward during the recent period.
He added that geopolitical tensions have greatly supported gold prices during the recent period, as the war between Russia and Ukraine is still raging, and in the Middle East, concerns about the war between Iran and Israel remain, even though Israel held some peace talks with Hamas in Egypt.
