Egypt's gold market resists global price decline with unwarranted increase

Aya Salah , Tuesday 18 Apr 2023

The Egyptian Gold and Jewellery Trade Division (EGAJTD) said Egypt's gold market is experiencing an unwarranted increase of 2 percent despite a global price decline.

Gold bars
File Photo: Gold bars. AFP


EGAJTD noted that the price of gold in Egypt reached $2004 (EGP 61,920.19) per ounce compared to $1996 (EGP 61,672.61) per ounce globally.

Interestingly, the price of Egypt's 21-carat gold rose on Monday evening and continued through Tuesday.

The price per gram was recorded at EGP 2,320, up by 2 percent from EGP 2,270 registered on Saturday.

The prices of 24-carat and 18-carat gold grams have increased to EGP 2,651.5 and EGP 1,988.5 respectively, up from EGP 2,594 and EGP 1,946.

Noteworthy, EGAJTD merely announces the prices at which gold is traded and is not responsible neither for pricing nor for monitoring the local market.

EGAJTD believes that this increase is unwarranted, given the stability of the exchange rate and the relative stability in local demand compared to the current supply volume.

"We advise consumers to slow down in purchasing gold until prices stabilise in the markets and align with the global price and local market fluctuations," EGAJTD stated.

EGAJTD further emphasised that the current increase is not necessarily an indication of future price hikes which may prompt some individuals to up their gold purchases.

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