Gold prices in the Egyptian local market reached unprecedented levels on Monday, with the popular 21-karat gold exceeding the 4800 Egyptian pound mark per gram during midday trading. Key official prices were:
24-karat: 5549 EGP (selling) / 5526 EGP (buying) 22-karat: 5086 EGP (selling) / 5065 EGP (buying) 21-karat: 4855 EGP (selling) / 4835 EGP (buying) 18-karat: 4161 EGP (selling) / 4144 EGP (buying) 14-karat: 3237 EGP (selling) / 3223 EGP (buying) 12-karat: 2774 EGP (selling) / 2763 EGP (buying)Goldsmith experts attribute this significant jump to two main factors, including the continuous increase in global prices for the precious metal and fluctuations in the US dollar exchange rate against the Egyptian pound.
This surge is part of an upward trend that has characterized the local gold markets since the beginning of the year, with expectations of continued increases in the near future given the current economic conditions.
Gold hit a record peak in trading on Monday, fueled by concerns about global economic growth amid the trade tensions between the United States and China.
Yeap Jun Rong, a market strategist at IG, stated: “From a fundamental perspective, markets are pricing in increased geopolitical risks, driven by US tariff tensions and stagflation concerns, while resilient demand from central banks is also providing additional support to prices.
Gold prices soar to historic high in Egypt Egypt Independent.
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