Market watch: Gold prices keep rising on Wednesday; EGX rebounds

Ahram Online , Wednesday 27 Dec 2023

Gold prices are still rising as the market faces a state of instability and confusion. The price of the gold pound coin exceeded EGP 26,160, which is almost thousands of pounds more than its historic highs.

A worker stands in front of his gold jewellery shop at the market of Khan el-Khalili in Old Cairo (R
A worker stands in front of his gold jewellery shop at the market of Khan el-Khalili in Old Cairo (Reuters)


The stock market rebounded on Wednesday and the official currency exchange rates are relatively stable.

In a phone call to Hadith El Qahera TV programme, the Head of the gold and precious ores division at the Federation of Egyptian Industries Ihab Wassef stated that current prices are neither realistic nor justifiable and don’t match with global prices. 

He stated that gold vendors have suffered losses recently, as increasing prices impede their ability to replace sold inventory. 

The purchase price of 24-carat gold increased by EGP 11 to reach EGP 3,737 per gram on Wednesday, compared to Tuesday’s prices.

The 21-carat gold price rose EGP 10 to reach EGP 3,270 per gram, and the 18-carat gold price went up EGP 9 to EGP 2,803 per gram.

*Prices reflect updates recorded as of midday.

Stock market

The EGX30 index increased by 1.49 percent, settling at 24,351 points.

The EGX70 index rose by 2.21 percent, ending at 5,462 points; the EGX100 index grew 2.13 percent, closing at 7,828 points.

The market capitalization gained EGP 25 billion, ending at around EGP 1,681 billion.

Asek Company for Mining (Ascom) was the biggest winner in the market. The stock soared 18.03 percent to close at EGP 57.55 per share.

However, the worst performer in the market today was Sues Canal Company For Technology Settling. The stock fell 14.29 percent to EGP 77.08 per share.


The official EGP/USD exchange rate remains stable at EGP 30.8277 for buying and EGP 30.9586 for selling.

The euro is valued at EGP 34.0862 for purchase and EGP 34.2402 for sale.

The Saudi riyal is priced at EGP 8.2192 for buying and EGP 8.2561 for selling.

*Sources: The Central Bank of Egypt's official exchange rates, the Egyptian Exchange, and Egypt Gold Price Today.

Short link: