Gold prices rose on Tuesday, March 22, 2022, by LE 75, and continued to rise with each new rise in the price of the US dollar, despite the drop in the price globally.
Gold prices rose in Egypt in the afternoon by about LE 75 per gram for 24 karat gold: from LE 1171 to LE 1246.
A rise of LE 65 per gram for 21 karat gold from LE 1025 to LE 1090 and LE 56 per gram for the 18 karat gold LE878 to LE 934.
Globally, gold prices fell on Tuesday, by about $3 for forward transactions, and about $9 for direct transactions.
The price of an ounce of gold for gold futures contracts, at around 3:09 pm recorded $1926.40, a decrease of $3.10 from the previous closing price, a decrease of 0.16 percent.
Gold prices for future transactions at that time were moving in the range of $1922.70, and $1938.80.
The price of an ounce of gold for direct transactions at about 3:09 pm, recorded $1927.08.
A significant decrease of $8.83 from the previous closing price, a decrease of 0.46 percent.
Gold prices for future transactions at that time were moving in the range of $1922.90, and $1938.49.
Banks announced also on Tuesday that there is a new dollar price in Egypt.
The highest rate was recorded at the Abu Dhabi Islamic Bank at LE 18.55 for sale and LE 18.48 for purchase.
The average dollar price in most banks stood at LE18.45 for purchase and LE18.55 for sale.
The reasons for the rise in the price of gold is the high rates of the global stock exchange.
Global economic inflation, the increase in the price of the US dollar, and finally the Russian-Ukrainian war, Wasfy Amin, head of the Gold Division of the General Federation of Chambers of Commerce, said during a telephone interview on dmc channel on Tuesday early morning.
He added that the owners of capital, monetary funds and central banks maintain cash liquidity in gold because its value increases in normal stabilized conditions at a rate of 20 percent.
Accordingly, Amin advised citizens who have a large financial surplus to buy gold, expecting an increase in its prices in the coming period.
The majority of consumers on the market nowadays are those who are obliged to buy gold for special occasions such as an engagement or marriage, he added.
“For our part, we reduce weights, as much as possible, while not affecting the aesthetic shape and durability of the product for use.
This is done in order to make the shape large in size, but light in weight, in an attempt to help the compelled consumer,” he said.