Gold prices in Egypt advanced on Thursday, continuing a trend of rising domestic rates in response to global market conditions. The uptick was seen across all gold karat categories, reflecting both international price strength and growing local demand.
According to data from iSagha, a trusted local platform for gold price monitoring, 24-karat gold—the purest form of the precious metal—was priced at EGP 5,142.75 per gram for buying and EGP 5,182.75 for selling. This marks a notable increase from earlier in the week, underlining gold’s appeal as a hedge against economic volatility.
The 22-karat variety, often used in jewelry, rose to EGP 4,714.25 for buying and EGP 4,751 per gram for selling. Meanwhile, 21-karat gold, which is the most widely traded type among Egyptian consumers, reached EGP 4,500 per gram for purchase and EGP 4,535 for sale.
Prices for 18-karat gold, commonly used in more affordable jewelry items, increased to EGP 3,857.25 for buying and EGP 3,887.25 for selling.
Additionally, the price of a gold pound—a commonly traded unit in Egypt weighing approximately eight grams—was reported at EGP 36,000 for buying and EGP 36,280 for selling.
On the global front, the price of gold remained strong, with an ounce trading at $3,189.60 for buying and $3,189.89 for selling. This rise in the international spot price is largely attributed to heightened geopolitical tensions, softening economic data from the U.S., and increasing investor speculation over potential interest rate cuts by the Federal Reserve later this year.
Local Implications and Market Sentiment
Egypt’s gold market remains highly responsive to shifts in global trends, currency fluctuations, and domestic economic pressures. As the Egyptian pound continues to face depreciation and inflation remains elevated, many local investors are turning to gold as a safe store of value.
Jewelers have reported heightened retail activity in recent weeks, especially in anticipation of further gains in gold prices. The current trend is seen by many as an opportunity for both consumers and traders, although volatility remains a key risk in the months ahead.
Economists suggest that if international prices continue their upward trajectory, Egypt’s gold market could see further momentum. However, much will depend on the evolution of global inflation, monetary policy decisions by major central banks, and geopolitical developments.
As always, industry experts advise buyers to stay informed and consult reliable pricing platforms like iSagha before making transactions.
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