Gold prices today, Hani Milad, head of the gold division at the Chamber of Commerce, said that after the government’s decision to exempt imports of the yellow metal from customs, there was a decrease in purchases, and some citizens began selling their gold holdings for fear of a decline in prices.
The price of a gram of gold today
Gold prices, and he added, during a phone call to the “Al-Hekaya” program presented by Amr Adeeb, on MBC Egypt: The price of a gram of 21 carat gold decreased from 2800 to 2400 and 2450 pounds.
Gold prices in Egypt and advice for Egyptians abroad
He pointed out that the prices of the local market are currently close to the global market, so there may not be a comparative advantage for Egyptians if they buy from abroad, even in the event of exemption from customs, so buying from the local market is currently better than abroad, and this is advice for Egyptians abroad.
We publish gold prices today, Friday, according to the latest updates within the local markets with the middle of trading, as prices witnessed a noticeable decrease at the close of trading today.
A gram of gold lost about 50 pounds a short while ago in the local markets and in the goldsmiths, in conjunction with the decline in international gold prices.
It is expected that gold jewelry will witness an increase in the supply of it in the markets after the announcement of a number of government decisions that would increase the supply by increasing customs exemptions.
Factors affecting gold
Gold prices move on a daily basis within the local markets affected by many factors, including supply and demand, which is the biggest influence on prices during recent months within the local market, along with prices on the global stock exchange and the exchange rate of the dollar.
Gold prices today, Friday
Today’s gold prices are as follows:
The price of a gram of 24 carat gold was about 2777 pounds.
The price of a gram of 21 carat gold was about 2430 pounds.
--The price of a gram of 18 carat gold was about 2083 pounds.
The price of a gram of 14 carat gold was about 1620 pounds.
The price of the gold pound was about 19,440 pounds.
The General Division for Gold and Jewelry of the General Federation of Chambers of Commerce welcomed the decision of Dr. Mostafa Madbouly, Prime Minister, regarding the exemption of gold imports in semi-worked forms, as well as those intended for cash circulation, jewelry and jewelry and their parts of precious metals, even if they are clad or clad with a crust of precious metals, which are accompanied by arrivals. From abroad, from the customs tax and other fees, except for the value-added tax, for a period of six months.
The draft decision also stipulates that this exemption does not apply to natural or cultured pearls, precious or semi-precious stones, mounted or inlaid on jewelry and their parts.
Expectations of a decline in gold prices
Hani Milad Geyed praised the Prime Minister’s quick response to the proposals submitted by the Division to the Minister of Supply and Internal Trade in this regard.
Jaid explained that the value-added tax that is calculated on gold is applied to the value of workmanship and not the value of gold based on the tax accounting protocol signed between the Division and the Tax Authority and is estimated at 14% of the value of workmanship, and it is also supposed to be collected from expatriates at customs outlets without other fees that were prescribed previously.
Geyed added that the decision will have a direct and rapid impact on the decline in gold prices in the local markets, and will also provide the necessary raw materials to meet the volume of demand, which has doubled compared to the same period last year, according to the estimates of the World Gold Council, which estimated the volume of gold demand in the Egyptian market during the first quarter of this year. About 7 tons, compared to 3.2 tons during the same period last year.
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