Gold prices have reached unprecedented levels during Ramadan, with the best-selling 21 carat gram in Egypt initially recording 2020 pounds and peaking at 2260 pounds on some days. While the price has slightly declined, it still remains above 2000 pounds, a first-time occurrence. The Central Bank’s decision to raise overnight deposit and lending rates added to fears of a potential decline in the Egyptian currency against foreign currencies, causing many to turn to gold as a safe haven. Despite global rises in gold prices, experts believe the increases in the Egyptian market are due to factors such as high demand for gold and inflation. However, the offering of 22% certificates by Al-Ahly and Egypt Banks led to a decline in gold prices on April 4, with the price of a gram of 21 carat gold reaching 2140 pounds, 18 carat at 1834 pounds, and 24 carat at 2445 pounds.
02:15 p.m
Tuesday 04 April 2023
Gold prices rose during the current month of Ramadan, to unprecedented levels. The best-selling gram of 21 carat gold in Egypt recorded with the first days of Ramadan 2020 pounds, but it exceeded the number more than once, reaching 2260 pounds on some days, before it declined slightly, but it declined. It remains above the level of 2000 pounds, which is unprecedented.
On the first day of Ramadan, March 23, 2023, the best-selling 21 carat recorded 2020 pounds, while the 18 carat recorded 1731 pounds, while the 24 carat was recording at that time 2309.
With a meeting of the Central Bank on the 30th of March, the Monetary Policy Committee decided to raise the overnight deposit and lending rates, by 200 basis points, amid many fears of a new decline in the Egyptian currency against foreign currencies.
Many resorted to gold as a safe haven, and its price rose to record 21 karat on Friday evening, the last days of March 2032, and the ninth day of the current Ramadan, 2260 pounds. As for 18 karat, it recorded 1937 pounds per gram, and for 24 karat, the gram amounted to 2583 pounds.
These rises raised many concerns, especially as they are global rises, but they are not in line with the increases in the Egyptian market, and experts attribute them to several factors, including the high rates of demand for gold, after a large wave of inflation. While experts also expect an increase in gold prices in the coming period, with a large sector tending to save their money by buying gold.
In conjunction with the offering of the 22% certificates by Al-Ahly and Egypt Banks, gold prices declined, and gold prices stabilized today, Tuesday, April 4, which corresponds to the 13th of Ramadan, in all calibers, and the price of 21 karat reached 2140 pounds, and for 18 karat, the price of a gram amounted to 1834 pounds, As for 24 karat, the price per gram reached 2445 pounds.
In conclusion, the month of Ramadan witnessed an unprecedented rise in gold prices in Egypt. With the demand for gold at an all-time high, coupled with fears of currency devaluation, the price continued to climb, reaching a record high of 2260 pounds per gram for the best-selling 21 carat. While the recent offering of certificates by Al-Ahly and Egypt Banks has led to a slight decline in prices, experts expect the trend to continue. As the world continues to grapple with economic uncertainty, gold remains a safe haven for many investors.