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Despite the record rise in global gold prices, gold prices stabilized in the Egyptian market during recent trading, supported by the stability of the forex market and continued gains in the market. Egyptian pound against the US dollar.
But as the precious metal continues to rise globally, the 21-karat gram of gold, which is the best-selling in Egypt, is expected to break through the 800-pound level in the first increase recorded by gold in the world.
At present, the price of a gram of 18 karat gold reached the level of 683 pounds, while the price of a gram of 21 karat gold stood at around 797 pounds. The price of a 24-carat gram was around 911 pounds, while the price of the gold pound was around 6,376 pounds.
In the foreign exchange market, the rates of the US dollar stabilized against the Egyptian pound, with the dollar exchange rate at the National Bank of Egypt and the Misr Bank reaching 15.63 pounds on purchase and 15 , 73 books for sale.
And the stability of the forex market in Egypt has created stability in the gold market during the recent period, ignoring the strong gains that the precious metal has recorded around the world after the price of an ounce has passed. from the level of $ 1,760 in trading last April to the level of $ 1,828 today.
On the other hand, while the dollar exchange rate is stable between the level of 15.60 and 15.65 pounds in Egypt, it recorded a significant drop from the level recorded in 2017 after the decision to let the Egyptian pound float. and to completely liberalize the foreign exchange market in early November 2016. The dollar exchange rate reached Mid-2017, the level is 19.60 pounds.
Globally, gold prices edged up 0.65%, to exceed an ounce of gold, the level of $ 1,820, in trading today, Friday, which is due to several reasons , the most important of which is what the US Federal Reserve announced. that he had no plans to raise interest rates right now, which supported gold’s gains in trade.
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