After a wave of record highs, gold prices recorded a decline of about 200 pounds in the Egyptian market, during last week’s trading, with an increase in supply and a decline in demand.
A few days ago, the Egyptian Council of Ministers announced its approval of a draft decision regarding exempting gold imports in semi-manufactured forms, as well as those intended for cash circulation, ornaments, jewelry and their parts of precious metals, even if they are clad or clad with a crust of precious metals, which are accompanied by those coming from abroad, from the tax. Customs and other fees, except for value-added tax at a rate of 14%, for a period of 6 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.
The Egyptian government’s decision came within the framework of the efforts exerted to achieve stability in gold prices in the markets, and to limit attempts at customs smuggling of semi-finished and occupied gold items through various customs outlets.
According to the market research department of the “Egypt Gold” company, the recent decline in prices came against the backdrop of the repercussions of the government’s decision to allow citizens returning from abroad to bring any amount of gold, whether bars, pounds or artifacts, without incurring any fees other than value-added tax, which prompted citizens to sell What is in their possession, fear of a sharp decline in prices after pumping more gold ore, and increasing the supply.
He explained that gold prices in the local markets witnessed a state of sharp fluctuations between rise and fall, during the weekend’s trading, as the 21-carat gold gram declined to end the week’s trading at the level of 2400 pounds, compared to about 2600 pounds at the beginning of the week’s trading.
An ounce fell on the global stock exchange by $8, with the end of the trading week ending on Friday evening, as the ounce recorded at the beginning of the week’s trading about 2018 dollars, touched the level of 2043 dollars, and fell to the level of 2005 dollars, and concluded the weekly trading at the level of 2018 dollars.
In recent transactions, a gram of 24 karat gold recorded a level of 2742 pounds, a gram of 21 karat gold recorded a level of 2400 pounds, and a gram of 18 karat gold traded at a level of 2057 pounds. While a gram of 14 carat gold was traded at 1,600 pounds. While the price of an ounce of gold was about 85,300 pounds.