We publish gold prices in local markets during Monday’s trading, and according to their latest update in local markets, where prices have seen remarkable stability.
Today’s gold prices are as follows:
The price per gram of 24 carat gold
The price of one gram of 24 carat gold on the local market was 2475 pounds.
21 karat gold price
The price of one gram of 21 karat gold was around 2165 pounds.
The price per gram of 18 carat gold
The price of one gram of 18 karat gold on the market was around 1855 pounds.
The price per gram of 14 carat gold
The price of one gram of 14k gold, according to its latest update, was around 1443 pounds
The price of the pound of gold recorded around 17,320 pounds.
Gold price last week
Hani Milad Gayed, head of the general gold and jewelery division at the Federation of Chambers of Commerce, said markets have seen relative stability, with prices stabilizing over the past three weeks on a slight move between 2,160 and 2,175 pounds per gram of 21 carats.
Jaid believes that local markets will not see a violent movement over the next week, due to the lower seasonal demand volume at the current time of the year. However, the expected movement of the world price above $2000 per ounce will push local markets higher even with the volume of supply balanced with the volume of domestic demand.
Reasons for the stability of gold
For his part, Lotfi Al-Munib, Deputy Head of the Division, said that the Cabinet’s adoption of the Division’s initiative to allow expatriates to enter gold into local markets without customs duties has had a direct impact on price stability over the past two months and restored the relative balance between the local price and the global price of gold in local markets.
US Central Bank Meetings and the Future of Gold
The Federal Reserve (the US central bank) will hold its fifth meeting this year next Tuesday and Wednesday to discuss the fate of US interest rates.
The meeting comes as interest rates are expected to be raised again, by 0.25%, according to Reuters and Bloomberg polls, after being set for the first time in 17 months at the last meeting.
The Federal Reserve decided on June 14, after its last meeting of the Federal Open Market Committee, to fix the interest rate for the first time in 17 months, to keep it within a range between 5 and 5.25%.
This follows a series of rate hikes initiated by the US Central Bank in March 2022 coinciding with high inflation and the outbreak of the Russian-Ukrainian war, as it raised it 10 times, by a total of 5%, most recently at the May 2-3 meeting, by 0.25%.
Meeting of the Central Bank of Egypt
The Monetary Policy Committee of the Central Bank of Egypt will hold its fifth meeting in the current year on Thursday, corresponding to August 3, 2023, to discuss the interest rate in Egypt in the coming period, and this will have an impact on local gold prices.
Major General Ahmed Suleiman, Head of the Analytical and Weighing Authority affiliated to the Ministry of Supply and Internal Trade, had confirmed that the Analytical and Weighing Authority is the only regulatory service body responsible for examining, minting and valuing precious metals and valuable stones with permanent control over the markets through continuous inspection campaigns to ensure discipline and commitment and safeguard the rights of citizens and prevent their exposure to any fraud or manipulation, pointing out that Dr. Artefacts and gold bars offered for sale and stamped with the stamp of interest with the stamp of the government, and this within the framework of the desire of the ministry not to expose the citizens to any fraud or deception on the part of certain weak souls who take advantage of the increased demand for purchase and to face any attempt at manipulation that would undermine the rights of consumers.
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