Gold prices recorded a decline this Wednesday morning, by about 10 pounds, and the price of a gram of 21 carat gold decreased from 835 pounds to 825 pounds, then gold decreased again by 5 new pounds to 820 pounds in evening transactions.
The price of a gram of gold in Egypt lost, today, Wednesday, about 15 percent during trading today, Wednesday, affected by the decline of the yellow metal globally in front of the rise of the US dollar after US President Donald Trump’s statements about postponing talks about any financing packages stimulating the US economy after the US elections.
The price of a gram of 21-carat gold was about 820 pounds … and the price of a gram of 24-carat gold today is about 938 pounds … and a gram of 22 carats recorded about 863 pounds. And 18 caliber recorded today, 703 pounds.
The price of gold in Egypt varies according to workmanship, from one goldsmith’s shop to another, and the average price of workmanship and stamping in the goldsmith’s shops ranges between 30 and 65 pounds depending on the type of gold carat, as well as the different goldsmiths’ shops and from one governorate to another and from one dealer to another, as it usually represents a percentage ranging between 7 % And 10% of the price of a gram of gold. The higher the percentage of minerals in the carat, the smaller the carat. An ounce that weighs 31.1 grams is used as a unit for the weight of jewelery and gold bars.
The World Gold Council said today, Wednesday, that central banks sold more gold in August than they bought, ending a year and a half of the monthly increase in gold purchases, which contributed to halting the rapid rise in the price of the yellow metal.
Gold rose from just above $ 1,500 at the start of 2019 to a record high of $ 2,072.50 in early August and then down to around $ 1,900.
And investors in Europe and North America pushed prices up, and raised gold in the hope that it would retain its value during the Corona crisis.
But demand from major consumers such as jewelery buyers and central banks has been weak, raising concerns about a continuing rally.
The Gold Council said that central banks, which collectively hold 35,000 tons of gold worth about $ 2 trillion, sold 12.3 tons more than they bought in August.
Central banks bought 656 tons of gold in 2018, the highest number in half a century, and last year purchases amounted to 650 tons.