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Economy Summary today, Friday 4-6-2021.. Gold fell 11 pounds within 24 hours


Today, Friday 4-6-2021, witnessed the announcement of a large number of important economic news, whether local or international, most notably the drop in gold prices in Egypt during the past 24 hours, at a value of 11 pounds in the markets, against the background of a global decline to levels of 1870 dollars, compared to 1900 dollars, The price of oil rose to its highest level in almost two years, to record a price approaching $72 a barrel on Friday, June 4th, to be trading near its highest level in two years.


11 pounds, a decline in gold prices in Egypt within 24 hours

Gold prices in Egypt witnessed a decline during the past 24 hours, at a value of 11 pounds in the markets, against the backdrop of a global decline to levels of 1870 dollars, compared to 1900 dollars, due to positive data on the American economy.

 

The price of gold in Egypt fell from 817 pounds per gram at the beginning of trading Thursday, June 3 to levels of 806 pounds per gram today, from 21 karat, down by 11 pounds per gram, with the continued decline in the global price of gold.


Oil is at its highest level in two years, and Brent is close to $ 72

The oil price rose to its highest level in nearly two years, to record a price approaching $72 a barrel on Friday, June 4, to trade near its highest level in two years, as the OPEC + plan on supplies and the recovery of demand overshadowed concerns about the irregular activity of vaccinations against Covid-19 globally.

 

The Organization of the Petroleum Exporting Countries (OPEC) and its allies said that they are proceeding with the agreed supply restrictions, and the weekly supply report on Thursday showed that US crude stocks fell more than expected last week.


Finance: 1100 companies submitted documents within the electronic invoice system

Dr. Mohamed Maait, Minister of Finance, affirmed that Egypt, under its wise political leadership, is proceeding strongly in implementing the national project to modernize and mechanize the tax administration system. To facilitate for the financiers, and to obtain the right of the state, in a way that enables the state to enhance aspects of spending on improving the standard of living of citizens and improving the quality of services provided to them.

 

The Minister of Finance indicated that the total number of companies that uploaded electronic documents to the actual operating environment from the first, second and third stages of the electronic invoice system amounted to nearly 1,100 companies, explaining that the number of electronic documents (invoices - credit notes - debit notes) that were processed Through the system, more than 10 million documents, pointing to the start of the application of the third phase of the electronic invoice system on May 15, to apply to all companies registered with the Center for Major Financiers.

 


"Housing" stresses the speedy completion of the projects of the new administrative capital according to the schedule

Eng. Khaled Abbas, Deputy Minister of Housing for National Projects, visited yesterday, accompanied by Eng. Gamal Talaat, Assistant Vice President of the New Urban Communities Authority, for the Urban Development Sector, Eng. Sherif El-Sherbiny, Head of the New Administrative Capital Authority, and Eng. Amr Khattab, Member of the Technical Office of the Minister of Housing, The projects of the central business district, the central parks "Capital Park", and the Sheikh Mohammed bin Zayed South Axis, as well as site coordination works in the government district in the new administrative capital.

 

Ministry officials also met with contracting companies executing projects in the Central Business District, the Central Parks "Capital Park", and the Sheikh Mohammed bin Zayed South Axis, to determine the executive position of the projects. Emphasis was placed on accelerating implementation rates, and adhering to the timetables set for the completion of these national projects.


Planning: PMI rose last May after 5 months of decline

Dr. Hala Al-Saeed, Minister of Planning and Economic Development, announced the rise in the purchasing managers’ index in Egypt for the month of May 2021, after five months of decline, as the index recorded 48.6 points, compared to 47.7 points last April, indicating the relative improvement in market conditions during last May.

 

The Minister of Planning also indicated that the export orders index rose strongly during last May, as well as sales approaching the level of stability. This indicates a relative recovery in the conditions of the non-oil economy.


Petroleum: Establishment of 50 stations for refueling cars with compressed natural gas

Engineer Tarek El Molla, Minister of Petroleum and Mineral Resources, affirmed that the expansion of the project’s work has achieved many of the state’s goals, the most important of which is increasing the utilization of natural gas in light of the availability of its production locally and maximizing the local component with regard to the plan to double the supply stations with natural gas, in addition to employing modern technologies and finding solutions Innovative, such as mobile car refueling stations, and working to increase the participation base in the project by strengthening cooperation between the petroleum sector companies and the private sector in this activity.

 

In this context, a cooperation protocol was signed between Gastec, Cargas and ExxonMobil Egypt to add natural gas supply facilities within Mobil fuel stations. Under the protocol, it was agreed to start the first phase of establishing car refueling stations with compressed natural gas within 50 stations, followed by other stages targeting ExxonMobil stations across the country.

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