2023-10-12 18:12:08
Gold prices in Egypt witnessed a new rise after a period of relative stability, on Thursday, in light of the rise in its prices globally due to the increasing uncertainty in the market, following the Palestinian resistance’s launch of Operation “Al-Aqsa Flood” in response to the ongoing Israeli attacks, on the one hand, and the exacerbation of the dollar scarcity crisis. In Egypt, its price increased against the pound in the parallel market, on the other hand.
The price of a gram of gold increased by 70 pounds since the beginning of today’s trading, as the price of a gram of 24 karat bullion recorded 2,720 pounds, the 21 karat, the most traded in the Egyptian markets, 2,380 pounds, and 18 karat, 2,040 pounds, compared to 2,650, 2,310, and 1,970 pounds per gram, respectively. ($1 = 30.95 pounds).
The price of a pound of gold, which weighs 8 grams of 21 karat, rose from 18,480 pounds to 19,040 pounds, and an ounce of gold locally (weighing 31.1 grams of 24 karat) rose from 82,420 pounds to 84,600 pounds, compared to about 1,883 dollars globally.
Thus, traders in Egypt raised the value of the dollar in the price of gold to about 45 pounds, compared to an average of 40 pounds to the dollar in unofficial market transactions, and approximately 31 pounds to the dollar in official banks.
The Egyptian economy is suffering from inflation with the deterioration of the value of the pound, the rise in the price of the dollar and foreign currencies, and the erosion of the citizen’s purchasing power. The annual consumer price inflation rate rose last September to 40.3%, compared to 15% in the same month of 2022, 39.7% last August, and 38.2% in July.
Egyptian spending on buying gold during the first quarter of this year increased by 34%, reaching about $986.6 million, compared to $737.1 million during the same period in 2022.
According to a report by the World Gold Council, the total purchases of gold in Egypt amounted to about 16.2 tons in the first three months of 2023, compared to 12.2 tons during the same period last year.
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