Gold prices in Egypt fell today, Saturday, September 25, 2021, despite the rise in the prices of the precious metal globally.
Gold prices in Egypt vary according to different regions and calibers, where the value of workmanship (the merchant’s wages for each gram in gold works) ranges between 30 and 60 pounds in the goldsmiths’ areas, while it is higher for some traders.
Gold price in Egypt today
The price of a gram of 24 karat gold in Egypt decreased to 883.73 pounds, compared to 886.02 pounds at the end of trading yesterday, Friday.
The price of a gram of 21 karat gold in Egypt (the most traded in the market) fell to 773.28 pounds, compared to 775.29 pounds yesterday.
And the price of a gram of 18 karat gold in Egypt fell, on Saturday, to 662.81 pounds, compared to 664.53 pounds on Friday.
As for economic gold prices in Egypt, the price of a gram of 14 karat gold recorded about 515.51 pounds, and the price of a gram of 12 karat gold recorded about 441.87 pounds, and the price of a gram of 9 karat gold recorded about 331.40 pounds.
Gold price per ounce and pound
The price of an ounce (an ounce) in Egypt fell, during the beginning of Saturday’s trading, to reach the level of 27,484 thousand pounds (1751 dollars), compared to 27,555 pounds (1755 dollars) at the close of trading yesterday, Friday.
And the price of the gold pound in Egypt (8 grams of 21 karat), when opening transactions today, Saturday, fell to the level of 6186 pounds (394.17 dollars), compared to 6202 pounds (395.05 dollars).
Global gold prices
Gold prices rose marginally at the close of trading Friday, while monitoring the prospects for monetary policy of the Federal Reserve, which tends to tighten monetary conditions, increase interest rates and reduce US stimulus packages to support the economy in the face of the Corona pandemic.
The precious metal was affected by this week’s Federal Reserve meeting, which showed expectations that asset purchases could start to start in November, with half of the Fed’s members expecting a rate hike next year instead of the average estimate released in June that had not expected any rate move before 2023.
Investors around the world are also awaiting the developments of the debt crisis of the Chinese company, Evergrande, after failing to pay bond payments due yesterday, but with a grace period of 30 days.
The price of gold futures contracts for December delivery rose 0.1%, or $1.90, to $1,751.70 an ounce at settlement, achieving a slight increase, equivalent to 30 cents, during the total trading this week.
Meanwhile, the dollar index, which monitors the performance of the US currency against six major currencies, rose by 0.2% at 93.314 points at 9:01 pm Mecca time.