After a wave of record highs, gold prices recorded a fall of about 200 pounds in the Egyptian market during trading last week, with increased supply and reduced demand.
A few days ago, the Council of Ministers of Egypt announced the approval of a draft decision on exemption from imports of gold in semi-finished products, as well as intended for monetary circulation, ornaments, jewelry and their parts made of precious metals, even if they are clad or clad with a crust of precious metals, which are accompanied by coming from abroad are subject to 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 states that this exemption does not apply to natural or cultured pearls, precious or semi-precious stones set or inlaid in jewelry and parts thereof.
The Egyptian government’s decision was made as part of efforts to achieve stability in the price of gold in the markets and limit attempts to smuggle semi-finished and occupied gold products through various customs posts.
According to Egypt Gold’s market research department, the recent price cut comes amid the fallout from the government’s decision to allow citizens returning from overseas to bring in any amount of gold, be it bullion, pounds sterling or artefacts. with no fees other than a value-added tax, which encouraged citizens to sell what they had for fear of price drops after pumping out more gold ore and increasing supply.
He explained that gold prices in local markets witnessed wild swings between gains and losses during weekend trading, as a gram of 21 carat gold fell by the end of the week at 2,400 pounds, compared to about 2,600 pounds. at the start of the trading week.
An ounce fell by $8 on the world exchange, with the end of the trading week ending on Friday evening, as the ounce fixed at the beginning of trading of the week around $2018, touched the level of $2043 and fell to the level of 2005 dollars, and ended the weekly trading at the level of dollars 2018.
In recent transactions, a gram of 24k gold was listed at 2,742 pounds, a gram of 21k gold was listed at 2,400 pounds and a gram of 18k gold was listed at 2,057 pounds. While a gram of 14 carat gold cost 1600 pounds. At the time, the price of an ounce of gold was around £85,300.
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