The price of gold in Egypt continues to decline in the local market at the close of trading today, Friday, May 12, 2023, after the government decision to exempt gold imports from customs and other fees for a period of 6 months, as 21 carat gold recorded about 2540 pounds per gram at the beginning of trading, and it fell to 2460. EGP in evening transactions, which is the most common in Egypt.
The secret of the decline in the price of gold in Egypt
The Egyptian government had decided to exempt gold imports from customs tax and other fees for a period of 6 months, in addition to the 14% value-added tax, in light of the keenness to achieve a balance between supply and demand in the gold market.
Gold represents a source and a safe haven for any country, as the state’s strength is determined on the basis of the amount of gold it owns. Therefore, “The Week” provides its visitors with everything related to gold price updates in Egypt, according to a continuous service it provides to all its followers in all fields.
This decline comes amid expectations that the decision will contribute to increasing the supply of bullion and gold coins in the market, which would reduce the severity of price hikes. Also, the price of gold bullion coming from abroad will be cheaper when selling compared to the price of the Egyptian bullion since the Egyptian bullion was It bears more fees and expenses, which gives the gold field an opportunity to calm prices when reselling bullion coming from abroad.
|The gold price in Egypt today, Friday, May 12, 2023|
|24 karat||2811 pounds||2777 pounds|
|22 caliber||2577 pounds||2545 pounds|
|21 caliber||2460 pounds||2430 pounds|
|18 karat||2108 pounds||2082 pounds|
|14 karat||1640 pounds||1620 pounds|
|12 karat||1405 pounds||1388 pounds|
|9 caliber||1054 pounds||1041 pounds|
Gold prices in evening trading, Friday, May 12, 2023
The 24-carat gram, at a price of 2811 pounds for sale and 2777 for purchase
Gram 22 karat, at a price of 2577 pounds for sale and 2545 for purchase-
Gram 21 karat, at a price of 2460 pounds for sale and 2430 for purchase-
An 18-carat gram, at a price of 2108 pounds for sale and 2082 for purchase
A gram of 14 karat, at a price of 1640 pounds for sale and 1620 for purchase
Gram 12 karat, at a price of 1405 pounds for sale and 1388 for purchase
Gram 9 carat, at a price of 1054 pounds for sale and 1041 for purchase
The gold pound, at a price of 19,680 pounds for sale and 19,440 for purchase
An ounce at a price of 2012 dollars