Gold prices in the Egyptian market saw a significant increase today
Gold prices rose in Egyptian markets on Monday, continuing the volatility that has characterized the precious metal's trading both locally and globally. This increase comes as investors and consumers await market developments, particularly given gold's significant role as an investment tool and store of value in Egyptian culture.
The price of a gram of 21-karat gold, the most popular and traded karat in Egypt, recorded a new jump in morning trading, reflecting the local market's exposure to both global and local economic changes.
Gold price list today in Egypt
The prices of different gold karats in Monday morning trading were as follows:
- The price of a gram of 24-karat gold: recorded 7955 Egyptian pounds for selling, and 7875 Egyptian pounds for buying.
- The price of a gram of 22-karat gold: recorded 7290 Egyptian pounds for selling, and 7220 Egyptian pounds for buying.
- The price of a gram of 21-karat gold: recorded 6960 Egyptian pounds for selling, and 6890 Egyptian pounds for buying.
- The price of a gram of 18-karat gold: recorded 5965 Egyptian pounds for selling, and 5905 Egyptian pounds for buying.
- The price of a gram of 14-karat gold: recorded 4640 Egyptian pounds for selling, and 4595 Egyptian pounds for buying.
- The price of a gram of 12-karat gold: recorded 3975 Egyptian pounds for selling, and 3935 Egyptian pounds for buying.
- The price of a gold pound: It recorded 55,680 pounds for selling and 55,120 pounds for buying.
Historical context and importance of gold in Egypt
Historically, gold holds a special place in Egyptian culture; it is not merely a commodity but an integral part of their cultural and social heritage. Gold is considered the primary safe haven for savers, protecting their wealth from inflation and currency devaluation. It also plays a pivotal role in social customs, particularly in marriage, where the gold dowry is a fundamental tradition. This enduring demand, whether for savings or adornment, makes gold a key component of the local economy and retail market.
Factors affecting gold prices locally and globally
The price of gold in Egypt is not determined in isolation from the world, but is affected by a complex set of interconnected factors, most notably:
- The global price per ounce: The local price of gold is directly linked to the price per ounce on global exchanges, which in turn is affected by the monetary policies of major central banks, most notably the US Federal Reserve.
- The dollar exchange rate: The exchange rate of the US dollar against the Egyptian pound is one of the most important influencing factors. The higher the dollar's value, the higher the price of gold (priced in Egyptian pounds), and vice versa.
- Domestic supply and demand: Internal market dynamics, in terms of the volume of demand for gold bullion and jewelry versus the supply thereof, affect the final price for the consumer.
- Geopolitical conditions: International tensions and conflicts increase investor demand for gold as a safe haven, which raises its price globally and is reflected in the local market.
Expected impact on consumers and investors
The rise in gold prices directly impacts broad segments of society. For those about to get married, it means an increase in the cost of the engagement ring. For savers and investors who already own gold, this rise represents an increase in the value of their assets. Gold remains a strategic option for hedging against economic risks, and experts always advise monitoring market analyses before making buying or selling decisions.
