10% increase in gold prices and ingots weighing 100 grams

Gold prices witnessed unjustified increases during the week’s trading, in light of the stability of the pricing determinants of gold per gram in the local market, including the slowdown in sales, with liquidity heading to the sacrificial market with the approach of Eid Al-Adha.

The General Division of Gold and Jewelry of the General Federation of Chambers of Commerce announced an increase in the workmanship value of gold jewelry by 10%, starting from next month.

24-carat bars, weighing 100 grams or less, will be considered gold jewelry, starting from next month, based on the decision of Dr. Ali Al-Moselhi, Minister of Supply and Internal Trade, issued No. 94 of 2023.

Hani Milad Gayed, head of the General Division for Gold, explained that the increase to be applied to the factory of gold artifacts comes within the provisions of the tax accounting protocol signed with the Tax Authority to lay the foundations for tax accounting for the trade of gold artifacts.

He Pointing out that this increase will not constitute a price movement or a burden on the consumer, as its value will not exceed two pounds, with a maximum limit for all gold karat from gold artifacts.

Decision description of gold artifacts Each metal piece contains at least 9 carats of pure gold.

The movement of gold jewelry sales is witnessing a boom during the Eid days, and the start of the wedding and marriage season. Sales operations may increase, but with a decrease in weights and purchasing values, as a result of the rise in gold prices and the decline in the purchasing power of citizens, especially with companies offering products with light weights that are compatible with potential purchasing desires.

Eastern Tobacco

On the other side, Eastern Tobacco announced the official prices of cigarettes, after it raised the prices of two types of cigarettes of the company's products, by about EGP 2.

The company's board of directors had approved the new price list for the consumer price on the first of April, as the Eastern Company raised the prices of all its products including cigarettes, cigars, honey, pipe smoke.

In televised statements, Hani Aman, Managing Director and Chairman of the Board of Directors of the Eastern Tobacco Company, denied a new increase in cigarette prices.

Aman explained that the price of a pack of Cleopatra cigarettes and all types is 25 pounds, pointing out that there is a black market for cigarettes, and the price of a pack has reached 40 pounds.

Cigarette prices

The increase for cigarettes ranged between two pounds to three pounds per pack, after the last increase that was approved in April 2023.

1. Price (box of 10) 15 pounds. 

2. Cleopatra Queen Size 23 pounds. 

3. Cleopatra Soft Coin 24 pounds.

4. Boston/Bloment 24 pounds, Cleopatra Box (white/colour) 24 pounds.

5. Cleopatra Super to 24 pounds, Mondial (red / blue / silver) 24 pounds.

6. Mondial Switch (Mentol/Blueberry) 24 pounds.

7. Cleopatra Black 24 pounds, and Matossian Super 24 pounds.