The price of gold in Egypt fell at the beginning of trading today, Saturday, by about 200 pounds, which is the largest real-time drop for gold, as a gram of 21 carat gold, which is the most traded in Egypt, recorded 3,000 pounds, compared to 3,200 pounds as the closing price yesterday.
Gold price now:
24 karat records 3429 pounds.
21 carat costs 3000 pounds.
18 karat records 2571 pounds.
14 karat weighs 2000 pounds.
The gold pound is 24,000 pounds.
Ras El Hekma Project
The details of the Ras al-Hikma deal, whose total investments reach $35 billion, have been announced. Egypt will receive $15 billion within a two-week period, divided into $10 billion in cash transferred from outside Egypt, and $5 billion waiving part of the UAE’s deposits in the Central Bank of Egypt.
The second part, worth $20 billion, will be received by Egypt after two months. Egypt will also retain a percentage of profits from the project amounting to 35%, as Emirati investments during the project period are expected to reach $150 billion.
A report was issued by Goldman Sachs Financial Corporation stating that the dollar liquidity that will be provided from the partnership between Egypt and the UAE in the Ras al-Hikma project will cover the dollar financing gap in Egypt over the next four years, according to an analysis of the financing needs seen by the bank.
The Goldman Sachs report indicated that foreign currency flows will provide the Central Bank of Egypt with sufficient liquidity to settle the required foreign currency accumulations, and the bank expects that in the coming days or weeks the official exchange rate may be reduced.
It is worth noting that the impact of news of a deal pushed the dollar exchange rate in the parallel market to decline by approximately 4 pounds, which had a significant negative impact on gold prices, which declined significantly since the basic pricing of gold is through the dollar exchange rate in the parallel market.
