Gold prices in Egypt saw a notable increase on Wednesday, continuing the volatility that has characterized trading in the precious metal recently. This rise is influenced by movements in global stock markets, along with a range of local factors putting downward pressure on prices. This makes monitoring the price of a gram of gold, especially the most popular 21-karat gold, crucial for both consumers and investors.
In this climate, traders in the Egyptian market are watching the price trends to make their decisions regarding buying or selling, as gold is considered a safe store of value and a means of hedging against currency fluctuations and rising inflation rates.
Historical context and importance of gold in Egypt
Historically, gold has held a special place in Egyptian culture, not only as a symbol of wealth and power since the time of the pharaohs, but also as an investment tool and a safe haven for families to preserve their savings. In recent decades, with increasing global and local economic challenges, this view of gold as a primary means of protection against the erosion of the local currency's purchasing power has been reinforced. The gold dowry is an integral part of Egyptian wedding traditions, creating a constant demand for gold jewelry and giving its prices a direct social and economic impact on a wide segment of society.
Factors affecting gold prices locally and globally
Gold price movements in Egypt cannot be understood in isolation from global and local factors. Globally, the price of gold is directly affected by the price per ounce on international exchanges, which in turn is subject to the policies of major central banks, most notably the US Federal Reserve and its interest rate decisions, as well as the strength of the US dollar and geopolitical tensions. Locally, the exchange rate of the Egyptian pound against the dollar plays a pivotal role in determining the final price of gold, along with supply and demand factors within the local market and government decisions related to imports and customs.
Gold price list today in Egypt
Gold prices in morning trading on Wednesday were as follows:
- The price of a gram of 24-karat gold: recorded 7510 Egyptian pounds for selling, and 7430 Egyptian pounds for buying.
- The price of a gram of 22-karat gold: recorded 6885 Egyptian pounds for selling, and 6810 Egyptian pounds for buying.
- The price of a gram of 21-karat gold: recorded 6570 Egyptian pounds for selling, and 6500 Egyptian pounds for buying.
- The price of a gram of 18-karat gold: recorded 5630 Egyptian pounds for selling, and 5570 Egyptian pounds for buying.
- The price of a gram of 14-karat gold: recorded 4380 Egyptian pounds for selling, and 4335 Egyptian pounds for buying.
- The price of a gram of 12-karat gold: recorded 3755 Egyptian pounds for selling, and 3715 Egyptian pounds for buying.
- The price of a gold pound: It recorded 52,560 pounds for selling, and 52,000 pounds for buying.
These prices reflect a state of anticipation in the market, as consumers and investors remain in constant contact with any variables that may affect the precious metal's trajectory in the coming days.
