Gold prices stabilized during evening trading, after sharp fluctuations last week pushed prices to target 6800 pounds before a strong drop to 6500 pounds, followed by a renewed rise with high demand.
Gold prices today in Egypt
– 24 karat: 7622 pounds.
– 21 karat: 6670 pounds.
– 18 karat: 5717 pounds.
– Gold pound coin: 53360 pounds.
The price of 21-karat gold gram declined by about 1.2%, after recording a high of 6890 pounds per gram and a low of 6435 pounds, before ending the week’s trading near the level of 6650 pounds per gram.
This fluctuation was reflected in the prices of different karats in jewelry shops, where the price of 24-karat gold reached about 7622 pounds per gram, 21-karat about 6670 pounds, 18-karat about 5717 pounds, while the price of the gold pound coin reached about 53,360 pounds, amid rapid daily movements and unclear market direction.
The mechanism for pricing gold in Egypt primarily depends on the global price per ounce, making the continuation of instability expected in the coming period. Demand remains, but with a clear shift towards bullion and gold coins at the expense of jewelry, as individuals seek to hedge and preserve their savings.
