Gold prices in Egypt fell today, Monday, October 18, 2021, affected by the global decline in the prices of the precious metal, due to the rise of the US dollar.
Weak economic data in China and rising oil prices have investors worried that inflation will raise interest rates, casting a shadow over gold prices.
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’ regions, while it is higher for some traders.
Gold price in Egypt today
The price of a gram of 24 carat gold in Egypt fell during today’s morning trading, to record about 893.81 pounds ($56.75), compared to 893.89 pounds at the close of trading yesterday.
And the price of a gram of 21 karat gold in Egypt (the most traded in the market), at the opening of trading today, reached the level of 782.11 pounds (49.66 dollars), compared to 782.17 pounds yesterday.
And the price of a gram of 18 karat gold in Egypt, at the beginning of trading today, Monday, was about 670.37 pounds ($ 42.56), compared to 670.43 pounds at the end of trading yesterday.
As for economic gold prices in Egypt, the price of a gram of 14 karat gold scored about 521.39 pounds ($ 33.10), compared to 521.44 pounds yesterday.
The price of a gram of 12 karat gold scored about 446.91 pounds ($ 28.37) compared to 446.94 pounds during yesterday’s trading, while the price of a gram of 9 karat gold scored about 335.18 pounds ($ 21.28) compared to 335.21 pounds yesterday.
Gold price per ounce and pound
And the price of an ounce in Egypt, at the opening of trading on Monday, reached 27,798 pounds (1765 dollars), compared to 27,800 pounds (1768 dollars) yesterday.
The price of the gold pound in Egypt, during early trading this morning, reached 6257 pounds ($397.25), compared to 6257 pounds ($398.04) yesterday.
global gold prices
At the beginning of the weekly trading on Monday, the prices of the yellow metal stabilized, with a slight tendency to rise by one dollar per ounce, to settle at $1,768.87 per ounce.
Gold contracts are still affected by the inflation rates in the United States, which recorded 5.4% last September, the highest level in 13 years, while expectations indicate the imminent tightening of monetary policy, which may support gold contracts.
On the other hand, International Monetary Fund Managing Director Kristalina Georgieva said on Sunday that global financial officials are concerned about rising inflation pressures, but there are few fears that it will become runaway.
She added that in advanced economies, “policy makers have the tools” to deal with inflation, so “there is not much concern that it will form a fast train,” referring to monetary tightening that could weaken the dollar.