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Gold prices fell this Wednesday morning, by around 10 pounds, and the price of a 21-karat gold gram dropped from 835 pounds to 825 pounds, then gold fell again by 5 new pounds to 820 pounds in overnight transactions.
The price of a gram of gold in Egypt on Wednesday lost about 15 percent during the trading on Wednesday, affected by the decline of the yellow metal worldwide against the rise of the US dollar after the statements of US President Donald Trump about postponing talks on any funding package that will stimulate the US economy after the US elections.
The price of a gram of 21 karat gold was about 820 pounds … and the price of a gram of 24 karat gold today is about 938 pounds … and a 22 karat gram registered about 863 pounds. And registered 18 gauge today, 703 pounds.
The price of gold in Egypt varies according to labor, from one goldsmith to another, and the average price for labor and stamping in goldsmith shops ranges from 30 to 65 pounds depending on the type of gold karat as well as the different goldsmith shops and from one governorate to another and from one merchant to another, since it usually represents a percentage that ranges between 7% and 10% of the price of a gram of gold. The higher the percentage of minerals in the carat, the lower the carat. An ounce weighing 31.1 grams is used as the unit for the weight of gold bullion and jewelry.
The World Gold Council said Wednesday that central banks sold more gold in August than they bought, ending a year and a half of the monthly increase in gold purchases, which helped slow the rapid rise in the price of the yellow metal.
Gold rose from just over $ 1,500 in early 2019 to a record high of $ 2,072.50 in early August and then dipped to around $ 1,900.
And investors in Europe and North America raised prices and obtained the gold in the hope that it would hold its value during the Corona crisis.
But demand from major consumers such as jewelry buyers and central banks has been weak, raising concerns about a continued rebound.
The Gold Council said central banks, which collectively hold 35,000 tonnes of gold worth about $ 2 trillion, sold 12.3 more tonnes than they bought in August.
Central banks bought 656 tonnes of gold in 2018, the highest figure in half a century, and last year purchases amounted to 650 tonnes.
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