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iSagha Executive Director: Purchasing sacrificial animals slows gold sales in Egypt 2024 - drweud
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iSagha Executive Director: Purchasing sacrificial animals slows gold sales in Egypt

Gold sales in local markets are witnessing a slowdown due to the flow of cash from citizens to the sacrificial markets, with the advent of Eid al-Adha, in addition to the exam season. This is according to Saeed Embabi, CEO of the “iSagha” platform, who expected an improvement in commercial activity after Eid al-Adha.

Embabi explained that gold prices experienced a state of stability during today’s trading at the local goldsmiths’ market compared to the end of yesterday’s trading, so the price of a gram of 21 carat gold recorded the level of 3120 pounds, coinciding with the weekly holiday of the world stock market, after the ounce closed last night at the level of 2333 dollars, after recording its all-time highs at 2451 dollars on May 20.

Gold prices on the global stock market fell by 3.4%, to a value of $81, during the trading week ending yesterday evening, Friday. This is the largest weekly loss since December 2023, affected by the minutes of the recent meeting of the US Federal Reserve. which increased the possibility for the central bank to raise interest rates to beat current inflation, if necessary.

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iSagha Executive Director: Purchasing sacrificial animals slows gold sales in Egypt
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24 carat gold costs 3566 pounds

Embaby added that one gram of 24 carat gold recorded 3,566 pounds, one gram of 18 carat gold recorded 2,674 pounds, while one gram of 14 carat gold recorded around 2,080 pounds and one pound of gold recorded approximately 24,960 pounds.

Gold prices fell by 10 pounds yesterday, Friday, as the price of one gram of 21 carat gold opened deals at the level of 3130 pounds and deals were concluded at the level of 3120 pounds, while the ounce increased by around $16. such as trades opened at the level of 2341 dollars, and trades concluded at the level of 2333 dollars.

He said gold prices in local markets have witnessed a decline due to the decline in the ounce in the global stock market, especially with the correlation of local prices with global markets, in light of the stability of the dollar exchange rate and demand. , highlighting that the price of gold has experienced price fluctuations on the global stock market during this week, reaching its highest historical levels before being exposed to spectacular selling operations, since it reached its highest levels last Monday, recording $2,451 in spot trading, and prices were subject to disruption early on Tuesday.

The drop in gold prices is explained by the publication of the latest minutes from the US Federal Reserve on Wednesday, which revealed the concern of Fed members about continued inflation rates, which reinforced the possibility of a return to a further rise in interest rates.

The meeting minutes revealed the view of members of the US Federal Reserve that it will take longer than expected to gain further confidence in sustainable inflation at 2%.

iSagha Executive Director: Purchasing sacrificial animals slows gold sales in Egypt
Gold at the Egyptian Central Bank

Relative stability of gold prices

Embaby highlighted that gold prices experienced a state of relative stability at the end of the week due to the decline of the dollar, in addition to the publication of positive economic data, which reduced the severity of the decline. The U.S. Commerce Department released a good report on durable goods data for April, with U.S. durable goods orders for April increasing 0.7% on a monthly basis, beating the expected contraction of -0 .8%.

Gold prices were supported by central bank buying in emerging markets, and the catalyst that triggered this buying was Western sanctions against Russia after its invasion of Ukraine, the World Gold Council report revealing that central banks added around 2,200 tonnes of gold during the first quarter. of 2024.

Markets expect prices to see slow movements, with global markets closed from Saturday to Monday, with trading movements starting with the start of trading on Tuesday, which will see the release of the consumer confidence report released on Tuesday by the American Conference Board. and the release of preliminary gross domestic product for the first quarter of the year in the United States, weekly jobless claims, home sales on Thursday and the report on personal consumption expenditures, income and personal spending in the states -United Friday.

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