Gold prices in Egypt saw a notable increase on Monday, continuing the fluctuations that have characterized the price of the precious metal both locally and globally. This rise comes amidst a climate of anticipation among investors and consumers alike, who are closely monitoring global market indicators and their impact on the local economy.
The price of a gram of 21-karat gold, which is the most popular and traded in Egypt, recorded a new jump in today's evening trading, reflecting the sensitivity of the Egyptian market to global changes, in addition to internal supply and demand factors.
General context and importance of gold in Egypt
Historically, gold holds a special place in Egyptian culture. It is not merely a commodity or investment tool, but a safe haven for Egyptians, who turn to it to hedge against currency fluctuations and the risks of inflation. Gold is also closely linked to social customs and traditions, particularly in weddings, where the gold dowry is an essential part of the wedding expenses. This cultural and economic legacy makes the gold market in Egypt vibrant and dynamic, directly influenced by the country's overall economic situation.
Factors affecting gold prices locally and globally
Gold price movements in Egypt cannot be understood in isolation from global factors. The local price of gold is determined by a formula that considers three main factors: the global price of an ounce of gold in US dollars, the exchange rate of the Egyptian pound against the dollar, and supply and demand in the local market. Globally, the price of the precious metal is influenced by decisions made by major central banks, most notably the US Federal Reserve, regarding interest rates, as well as inflation data, economic growth rates, and geopolitical tensions that drive investors toward safe-haven assets.
Gold price list for today, Monday, in Egypt
Gold prices in evening trading were as follows:
- The price of a gram of 24-karat gold: recorded 7542.75 Egyptian pounds for selling, and 7485.75 Egyptian pounds for buying.
- The price of a gram of 22-karat gold reached 6914.25 Egyptian pounds for selling and 6862 Egyptian pounds for buying.
- The price of a gram of 21-karat gold reached 6600 Egyptian pounds for selling and 6550 Egyptian pounds for buying.
- The price of a gram of 18-karat gold: recorded 5657.25 Egyptian pounds for selling, and 5614.25 Egyptian pounds for buying.
- The price of a gram of 14-karat gold reached 4400 Egyptian pounds for selling and 4366.75 Egyptian pounds for buying.
- The price of a gram of 12-karat gold reached 3771.5 Egyptian pounds for selling and 3742.75 Egyptian pounds for buying.
- The price of a gold pound: It recorded 52,800 pounds for selling, and 52,400 pounds for buying.
Expected impact and future prospects
The continued volatility of gold prices presents consumers and investors with crucial decisions. For those planning weddings, rising prices directly impact their budgets. For investors, this volatility could represent an opportunity to realize profits or an incentive to increase their holdings of the precious metal as a hedging tool. All eyes remain on upcoming global economic data and any changes in domestic monetary policy, which will shape the direction of gold prices in the coming period.
