Gold prices in Egypt saw a notable increase on Tuesday, continuing their upward trend influenced by global and local factors. This rise comes amidst ongoing volatility in global gold prices, reflecting economic uncertainty that is driving investors towards safe-haven assets.
The price of a gram of 21-karat gold, which is the most common and traded in Egypt, rose significantly in morning trading, amid a state of anticipation prevailing among consumers and investors alike, who are closely following market trends to make their purchasing or investment decisions.
Gold price list today in Egypt
The gold prices for different carats in Tuesday morning trading were as follows:
- The price of a gram of 24-karat gold: recorded 7600 Egyptian pounds for selling, and 7542.75 Egyptian pounds for buying.
- The price of a gram of 22-karat gold reached 6966.75 Egyptian pounds for selling and 6914.25 Egyptian pounds for buying.
- The price of a gram of 21-karat gold reached 6650 Egyptian pounds for selling and 6600 Egyptian pounds for buying.
- The price of a gram of 18-karat gold: recorded 5700 Egyptian pounds for selling, and 5657.25 Egyptian pounds for buying.
- The price of a gram of 14-karat gold reached 4433.25 Egyptian pounds for selling and 4400 Egyptian pounds for buying.
- The price of a gram of 12-karat gold reached 3800 Egyptian pounds for selling and 3771.5 Egyptian pounds for buying.
- The price of a gold pound: It recorded 53,200 pounds for selling, and 52,800 pounds for buying.
General context and historical background of gold prices
Historically, gold in Egypt has been valued as a safe haven for wealth and a hedge against inflation and currency fluctuations. For decades, Egyptians have turned to gold to preserve their savings, particularly during times of economic crisis. Local prices are directly influenced by two main factors: the global price of gold, denominated in US dollars, and the exchange rate of the Egyptian pound against the dollar. Any change in these two factors is immediately reflected in retail prices at jewelry stores.
The importance of the event and its expected impact
The rise in gold prices has far-reaching effects on various levels:
- At the local level, the price increase directly impacts those about to get married, as gold (the dowry) is an essential part of tradition, adding to their financial burden. It also affects savers who may see the value of their gold savings rise, while new buyers find it difficult to enter the market.
- At the regional and international levels, the rise in global gold prices reflects investor concerns about geopolitical tensions, such as international conflicts or trade wars, as well as the policies of major central banks, most notably the US Federal Reserve. Decisions to raise or lower interest rates affect the attractiveness of the dollar, and consequently, gold prices, which often move inversely to the dollar's value.
The gold market in Egypt remains a mirror of the local and global economies, with experts predicting continued price volatility in the short term, advising consumers and investors to closely monitor economic news before making any investment decisions.
