Gold prices in local markets recorded a decline during Saturday's trading on May 13, 2023, with 21-carat gold dropping to around EGP 2,375 per gram.

The decline came as the Cabinet approved a resolution to exempt the import of semi-manufactured gold, as well as gold intended for cash trade, jewelry, and their parts made of precious metals, even if coated or layered with precious metals, from customs and other fees, except for value-added tax, for a period of six months.

Meanwhile, the price of a gold pound reached approximately EGP 19,440, with a weight of 8 grams of 21-carat gold. Gold prices in Egypt vary depending on the manufacturing cost, which varies from one store to another.

The average cost of manufacturing and stamping in goldsmith shops ranges between EGP 100 and EGP 130. This varies according to the type of gold carat and also varies from one goldsmith shop to another and from one governorate to another.

Typically, the cost of manufacturing and stamping accounts for a percentage ranging from 7% to 10% of the price per gram of gold. The unit of weight for jewelry and bullion is the ounce, which weighs 31.1 grams.

The decline in gold prices comes as a relief to many in the industry, with hopes of stimulating demand and trade activity. The exemption of import fees on certain types of gold is also expected to attract new investment and increase the competitiveness of the domestic market.