Gold prices in Egypt today are witnessing a significant increase
Gold prices in Egypt rose again on Thursday, continuing their recent upward trend, coinciding with ongoing volatility in global gold prices. This increase comes amidst close monitoring by both investors and consumers, who are closely observing market movements to determine the best time to buy or sell.
The price of a gram of 21-karat gold, which is the most common and traded in the Egyptian market, recorded a new jump in this morning's trading, reflecting the increasing demand for it as a safe store of value in the face of current economic challenges.
Today's gold price list in Egypt for all karats
The gold prices in Egypt today, Thursday, are as follows:
- The price of a gram of 24-karat gold: recorded 8400 Egyptian pounds for selling, and 8345 Egyptian pounds for buying.
- The price of a gram of 22-karat gold reached 7700 Egyptian pounds for selling and 7650 Egyptian pounds for buying.
- The price of a gram of 21-karat gold reached 7350 Egyptian pounds for selling and 7300 Egyptian pounds for buying.
- The price of a gram of 18-karat gold: recorded 6300 pounds for selling, and 6255 pounds for buying.
- The price of a gram of 14-karat gold reached 4900 Egyptian pounds for selling and 4865 Egyptian pounds for buying.
- The price of a gram of 12-karat gold reached 4200 Egyptian pounds for selling and 4170 Egyptian pounds for buying.
- The price of a gold pound: It recorded 58,800 pounds for selling, and 58,400 pounds for buying.
General context and the impact of global and local factors
Historically, gold in Egypt has been closely linked to economic and cultural stability, serving as a primary safe haven for savers and a key hedge against currency fluctuations and rising inflation. The price of gold in Egypt is influenced by a complex interplay of factors, most notably the exchange rate of the US dollar against the Egyptian pound, as well as the price of an ounce of gold on global markets. Any change in the local dollar exchange rate or a movement in the global gold price is immediately and directly reflected in the prices of all karats in the local market.
The importance of the event and its expected impact
Tracking gold prices is of paramount importance not only to large investors but also to small savers and Egyptian families for whom buying gold is an integral part of their social customs, especially on occasions like weddings. The continued rise in gold prices directly impacts citizens' purchasing power and increases the costs of marriage, prompting many to reassess their investment options. On a broader economic level, gold price movements reflect a state of uncertainty and may lead investors to shift their liquidity towards the precious metal instead of other investment channels, potentially affecting various economic sectors. Markets are expected to remain on edge, awaiting any new global economic data or local monetary decisions that could influence price trends in the coming period.
