The gold pound loses 2400.. The customs exemption causes losses for the yellow metal

Last Wednesday, the Egyptian government made a decision, regardless of the effect on the gold prices that have risen in the recent period in a genuine way affected by the global economic crisis, by implementing the decision to exempt 3 types of gold artifacts from the customs tax, without specifying specific quantities, in order to limit the rise in gold prices.

Since the activation of the Egyptian government's decision last Wednesday, May 10, 2023, regarding the exemption of gold imports from customs and other duties, except for value added tax, it has led to a balance between supply and demand in the market, bringing stability to gold prices.

Gold prices fell significantly within 5 days, reaching a peak of 2,400 pounds per gold pound, and 343 pounds in 24-karat gold, in which the losses were 300 pounds for 21-karat gold, according to what was recorded by the indices of the General Division of Gold and Jewelry, and prices continued to decline.

The price of an ounce declined

The ounce recorded 2047 dollars, last Wednesday May 10, 2023, and after 5 days the ounce recorded 2008 dollars, today Tuesday, May 16, 2023, to be the total decline in the price of the ounce during 5 days 39 pounds.

21 carat gold price decline

The price of the 21 karat gold crime record: 2560 pounds, last Wednesday 5/10/2023, and after 5 days, it recorded: 2260 pounds, today Tuesday 5/16/2023, to be the total decline in its price during five days: 300 pounds.

24 carat gold price decline

The price of 24 carat gold was recorded: 2926 pounds, last Wednesday 5/10/2023, and after 5 days it was recorded: 2583 pounds, today Tuesday 5/16/2023, to be the total decline in its price during five days: 343 pounds.

18 carat gold price decline

The price of 18 carat gold was recorded: 2194 pounds, last Wednesday 5/10/2023, and after 5 days it was recorded: 1937 pounds, today Tuesday 5/16/2023, to be the total decline in its price during five days: 257 pounds.

14 carat gold price decline

The price of the 14 carat gold bar recorded: 1711.5 pounds, last Wednesday 5/10/2023, and after 5 days passed, recorded: 1511 pounds, today Tuesday 5/16/2023, to be the total decline in its price during five days: 200.5 pounds.

The price of the gold pound declined

The price of the gold pound registered 20480, last Wednesday 5/10/2023, and after 5 days it registered 18080 pounds, today Tuesday 5/16/2023 before taking into account manufacturing, stamp or tax to be the total decline in its price during five days: 2400 pounds.

The decision to exempt gold imported from abroad from customs duties

The decision defined the types of gold exempt from customs duties as including:

1- The gold in semi-finished forms subject to customs item number "7108.13".

2- The gold prepared for cash circulation subject to customs item number "7108.20".

3- The ornaments and jewelry and their parts of other precious metals, even if they are coated or dressed with a shell of precious metals subject to the customs item number "7113.19".

The decision to exempt gold imported from abroad includes any person coming from abroad without adhering to a certain nationality, the order only requires the gold invoice that is with the traveler, and the exemption period is 6 months for any amount, whether it is gold bars, bars, or pounds of gold, provided that the required documents are submitted to customs and payment of the value fee The additive only.

came and decided to exempt gold from customs, due to the lack of it in the market in light of the increase in demand for it, which led to a significant and daily increase in gold prices, making its price higher compared to the price of a gram in other countries, so the decision to exempt it from customs brought about a state of stability in the local markets.