Gold prices in Egypt saw a notable increase on Wednesday, continuing the volatility that has characterized the precious metal's performance both locally and globally. This rise comes as consumers and investors await market developments, particularly regarding the price of a gram of 21-karat gold, the most popular and widely traded type in Egypt.
General context of gold prices
Historically, gold has been considered a safe haven for Egyptians, who turn to it to preserve the value of their savings during times of economic uncertainty and the erosion of the local currency's purchasing power. Gold prices in Egypt are linked to two main factors: the global price of an ounce of gold, denominated in US dollars, and the exchange rate of the Egyptian pound against the dollar in the local market. Any change in these two factors is directly and immediately reflected in the prices of all traded karats.
The importance of the event and its expected impact
The rise in gold prices affects a broad segment of society. Locally, it impacts the decisions of individuals preparing for marriage, as gold is an integral part of social traditions (the dowry). It also affects small investors who consider gold bars and coins a primary investment tool. Regionally and internationally, any geopolitical instability or major economic decisions, such as interest rate changes by the US Federal Reserve, cast a shadow over global markets, including the Egyptian market, increasing uncertainty and price volatility.
Gold price list today in Egypt
Gold prices at midday on Wednesday were as follows:
- The price of a gram of 24-karat gold: recorded 7697.25 Egyptian pounds for selling, and 7640 Egyptian pounds for buying.
- The price of a gram of 22-karat gold reached 7055.75 Egyptian pounds for selling and 7003.25 Egyptian pounds for buying.
- The price of a gram of 21-karat gold reached 6735 Egyptian pounds for selling and 6685 Egyptian pounds for buying.
- The price of a gram of 18-karat gold: recorded 5772.75 Egyptian pounds for selling, and 5730 Egyptian pounds for buying.
- The price of a gram of 14-karat gold reached 4490 Egyptian pounds for selling and 4456.75 Egyptian pounds for buying.
- The price of a gram of 12-karat gold reached 3848.5 Egyptian pounds for selling and 3820 Egyptian pounds for buying.
- The price of a gold pound: It recorded 53,880 pounds for selling and 53,480 pounds for buying.
These prices reflect the current market movement and illustrate the differences between the selling price (to the consumer) and the buying price (from the consumer). They are vital indicators that those interested in the precious metals market follow on a daily basis to make their investment and personal decisions.
