Record heights for gold in Egypt during 2023

Gold was able to attract investors in light of the major competitors to attract Egyptians’ money, amid the state of confusion in the economic scene due to the instability of the dollar, which helped gold record record highs during 2023.

According to the statistics prepared by “Al Arabiya.net” and published today, Monday, January 1, 2023, since the beginning of this year, all gold bullets and pounds have jumped by 92.4%, as the price of an 18-karat gram rose from the level of 1,414 pounds at the beginning of the year, to about 2,721 pounds at the time. Present.

The most traded gold in Egypt

The price of a gram of 21 carat, which is the most widely traded in the Egyptian market, jumped from the level of 1,650 pounds at the beginning of 2023 to about 3,175 pounds at the present time.

The price of a gram of 24 carat also rose from the level of 1,886 pounds at the beginning of the year, to about 3,629 pounds in recent transactions, as the gold pound recorded an increase from the level of 13,200 pounds at the beginning of 2023, to about 25,400 pounds at the present time.

Price per ounce

Globally, the price of an ounce of gold has increased by 14.3% since the beginning of this year until now, as the price of an ounce increased from the level of $1,810 at the end of 2022, to about $2,069 in recent trading.

Within the framework of controlling prices, the Egyptian Council of Ministers agreed, last month, to extend the implementation of Resolution No. 1801 of 2023, regarding granting a customs exemption for gold imports from customs, for a period of 6 months ending on May 10, 2024.

Exemption of gold from taxes

The decision stipulates that gold in semi-worked forms prepared for monetary circulation, jewellery, and parts thereof made of other precious metals, even if coated or covered with a veneer of precious metals, and imported into customs ports accompanied by passengers coming from outside the country, are exempt from customs tax and other fees, with the exception of value-added tax. 

The Council of Ministers stated that the decision to extend the exemption for gold imports comes due to the positive impact it has had in trying to control the markets and restore stability and balance to prices.

The toll of gold imported by Egyptians returning from abroad rose to about 2,000 kilograms of jewelry and bullion since the start of the customs duty exemption initiative last May until September 2023.

Egyptian purchases of gold

The World Gold Council had revealed in a previous report that Egyptians’ purchases of gold during the period from last January to the end of last September increased by 87.2%, as purchases jumped to about 24.9 tons during the first 9 months of the current year, compared to about 13.3 tons during the same period. period of last year.

He pointed out that purchases of bullion and gold coins decreased to 6.3 tons during the third quarter of 2023, compared to levels of 10.4 tons during the second quarter of 2023, a decline of about 39.4%, while the decrease was 4% when compared with purchases in the third quarter of 2022.

Gold jewelry during the third quarter

Egyptian purchases of gold jewelry also declined during the third quarter by 27% compared to the same period in 2022, recording about 6.6 tons, which is the lowest rate of purchases of gold jewelry in the region. The World Gold Council believes that the main reason behind the decline in Egyptians’ purchases of gold during the third quarter of the year is due to the continued weakness of the purchasing value of the currency, which led to severe fluctuations in local gold prices in Egypt.

The World Gold Council indicated that imposing a value-added tax on small gold bullion up to 100 grams contributed to a decline in demand during the third quarter, and the effect is expected to continue during the fourth quarter of the year. He stated that Egypt is the only market in the region whose demand for gold has decreased by less than the average of the last five years, estimated at about 7 tons of gold.