Gold prices in Egypt saw a notable increase at the start of trading today, continuing the volatility that has characterized local and global markets. This rise comes as investors and consumers closely monitor the movements of the precious metal, considered a safe haven and store of value during times of economic uncertainty. The price of a gram of 21-karat gold, the most popular and widely traded type in the Egyptian market, recorded a new surge, reflecting its direct sensitivity to global and local developments.
General context and importance of gold in Egypt
Historically, gold holds a special place in Egyptian culture. It is not merely an investment commodity, but an integral part of social customs and traditions, particularly in weddings, where the "shabka" (bridal gift) is a fundamental component. Economically, many Egyptians resort to buying gold as a hedge against inflation and to preserve the value of their savings against fluctuations in the local currency exchange rate. This increasing demand, whether for social or investment purposes, makes it a vital component of the local economy, and its price is directly affected by the balance of supply and demand in the market.
Factors affecting gold prices and their expected impact
The price of gold in Egypt is not determined in isolation from global markets; rather, it is influenced by a complex set of interconnected factors. Foremost among these is the price per ounce on international exchanges, which fluctuates based on monetary policy decisions by major central banks, such as the US Federal Reserve, as well as geopolitical tensions and global economic data. Locally, the exchange rate of the Egyptian pound against the US dollar is the most influential factor. The weaker the pound, the higher the price of gold when denominated in the local currency. This rise directly impacts the purchasing power of citizens and their investment decisions, and it may also prompt some investors to increase their holdings of the precious metal, further driving down prices.
Gold price list today in Egypt
The following is a breakdown of the prices of different gold karats in the Egyptian market today:
Price of a gram of 24-karat gold
The price of a gram of 24-karat gold, which is the purest, reached 7655 Egyptian pounds for selling and 7575 Egyptian pounds for buying.
Price of a gram of 22-karat gold
The price of a gram of 22-karat gold rose to 7020 Egyptian pounds for selling and 6945 Egyptian pounds for buying.
Price of a gram of 21-karat gold
The price of a gram of 21-karat gold, the most common type, was recorded at 6700 Egyptian pounds for selling and 6630 Egyptian pounds for buying.
Price of a gram of 18-karat gold
The price of a gram of 18-karat gold, which is used in the manufacture of modern jewelry, recorded 5745 Egyptian pounds for selling and 5685 Egyptian pounds for buying.
Price of a gram of 14-karat gold
The price of a gram of 14-karat gold reached approximately 4465 Egyptian pounds for selling and 4420 Egyptian pounds for buying.
Price of a gram of 12-karat gold
The price of a gram of 12-karat gold reached 3830 Egyptian pounds for selling and 3790 Egyptian pounds for buying.
Gold pound price
The price of a gold pound in Egypt today is 53,600 Egyptian pounds for selling and 53,040 Egyptian pounds for buying.
