A significant drop in gold prices.. Buy quickly

Dr. Naji Farag, Advisor to the Minister of Supply for Gold Affairs, attributed the continued decline in gold prices in the markets to the impact of the ministry’s initiative and the government’s decision to enter gold with those coming from abroad without customs.

The decision restoring the price balance in the Egyptian market at a reasonable price, away from the previous exaggeration in the local market, which led to an unbalanced rise in prices and raised the price of a gram of gold to rates that had exceeded its price in the Gulf by 750 pounds per gram on average.

Stability of gold prices

He pointed out that the stability of gold prices has a direct impact on the dollar exchange rate, since the relationship between them is positive. More stability and decline in gold prices means similar stability in the dollar exchange rate.

He Pointing out that gold, even if it declines, is considered a store of value all the time, and it is a long-term investment

Gold achieved an unprecedented loss, amounting to about 620 pounds in about 4 weeks, after the price of a gram of 21 karat gold in today’s trading reached 2185 pounds, compared to 2800 pounds at the end of last April, which is the highest price a gram of gold has reached in its history.

Allowing entry of gold with returnees from outside the country

Gold, which many consider one of the best ways to preserve the values of wealth, incurred these losses that were expected, due to government decisions, including allowing the entry of gold with returnees from outside the country without tax except for a tax imposed on workmanship. This led to a decline in the demand for gold and the stability of prices. According to the economist Wael Salam.

Gold is falling due to the rise in the dollar

Salam added that the precious metal, which the whole world is flocking to, has begun to lose its luster at the global level, not just locally, explaining that the reason is due to the rise of the dollar, supported by the statements of Jerome Powell, Chairman of the US Federal Reserve last Wednesday, about the possibility of raising interest rates twice this year. This is after fixing interest rates at current levels, explaining that an ounce of gold fell yesterday, to $1,949.

Gold prices

Salam predicted that gold prices would stabilize within the range of 2200 pounds for 21 karat, stressing that this price is close to global gold prices.

In the event that gold rises or falls at the global level, it is natural that the Egyptian market will be affected, especially in light of the state of instability that the market has witnessed in recent months. Which caused the gram to reach 2800 pounds locally, a significant increase compared to the global market as a result of the increasing demand.

Great opportunity to buy gold

He explained that gold prices today, Tuesday 20-6-2023, amounted to 2185 pounds for 21 grams, 2497 for 24-carat gold, and 1873 pounds for 18-carat gold.

Amr Al-Maghribi, a member of the Gold Division in the Chambers of Commerce, advised, citizens to buy gold in the current period, explaining that it is a great opportunity, according to his description.

A member of the Gold Division confirmed that the current period is an opportunity to buy gold because prices are good, whether artifacts, bullion, or gold pounds.

 Safe haven gold

For the best long-term investment, it is gold bars and gold pounds, because they are less manufactured than artifacts, but also artifacts can be used for decoration and investment.

Al-Maghrabi explained that in general, anyone who has surplus money can buy gold at any time, in order to invest, since the yellow metal is a safe haven.