Gold prices in Egypt remain unchanged on Tuesday’s session start
Date
10/8/2024 5:10:52 AM
(MENAFN) Gold prices in Egypt remained stable on Tuesday, marking the start of local trading after experiencing a decline of approximately 5 pounds the previous day. This consistency in pricing comes amidst fluctuations in the gold market, reflecting a period of relative calm following recent volatility. Investors and consumers are keenly observing these price movements, as they play a crucial role in influencing buying and selling decisions in the local gold market.
Today, the price of a gold pound for consumers in Egypt is about 28,600 pounds, which consists of 8 grams of 21-karat pure gold, excluding any additional costs such as workmanship, taxes, or stamp duties. In the secondary market, the cost of a used gold pound stands at approximately 28,520 pounds for the same weight and quality. This pricing structure illustrates the dynamics between new and used gold, with consumers considering their options carefully before making a purchase.
The current rate for 21-karat gold is around 3,575 pounds per gram. Additionally, the manufacturing costs associated with gold vary, starting from about 70 pounds for used gold. When it comes to new gold pieces, the manufacturing costs can range from 7 percent to 10 percent of the total value, depending on the karat. It's important to note that these manufacturing costs can differ significantly between gold shops and are influenced by factors such as location and the merchant's pricing strategy.
Moreover, the type of gold also impacts manufacturing costs, as there are various categories such as Indian, Italian, white, and Swiss gold available in the market. The competitive landscape among Egyptian gold companies is robust, with many striving to present innovative and unique designs to attract consumers. As a result, gold prices and related costs continue to evolve, reflecting consumer preferences and market conditions.
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