Wednesday 13 April 2022
I wrote – Sherine Salah:
Goldsmiths traders said that the rise in the price of gold in the local market during the current period has led to a weak movement of store sales.
Gold prices witnessed an increase during the current period as a result of the increase in the price on global stock exchanges, in addition to the increase in the price of the dollar, according to gold traders who spoke to Masrawy.
The price of a gram of gold in the local market is affected by the price of both international stock exchanges and the dollar exchange rate, according to gold traders.
And the price of a gram of gold today, Wednesday, 21 karat, recorded about 1025 pounds, recording a new rise in the local market during today’s transactions, according to Naguib Naguib, former Secretary General of the Gold Division at the Cairo Chamber of Commerce, to Masrawy.
The price of 18 karat gold was about 879 pounds per gram, and the price of 21 karat gold at 1025 pounds per gram, and the price of 24 karat gold reached about 1171 pounds per gram, and the price of 14 karat gold at 683 pounds per gram.
Najib said that the movement of buying and selling in gold shops is currently weak, as a result of the high price of grams in the local market.
Najeeb explained that the high price prompts customers to wait, noting that the customer who wants to sell aspires to increase the price to sell at a high price, and the customer who wants to buy is waiting for the gram to stabilize at a certain level.
Hani Milad, head of the Gold Division at the Cairo Chamber of Commerce, agreed with him, saying that the sales of goldsmiths’ shops are witnessing a decline in the demand for purchase during the current period, with the high price of a gram in the local market.
Milad added that the movement of selling gold works is currently more than buying.
Milad explained that customers always wait for gold to decline after the price of a gram rises in the markets, but the price of a gram in the event of its decline does not decrease as dramatically as before, as customers expect.
Milad expected an improvement in sales of gold shops with the approach of Eid Al-Fitr, as it is a season for occasions such as engagements and weddings.