Egypt’s gold reserves at mines hit 25 mln ounces

Ahram Online , Wednesday 10 Jan 2024

The amount of gold remaining in Egyptian mines amounts to at least 25 million ounces (or over 781 tons), said Nagi Farag, advisor to the minister of supply for gold affairs, during an interview with the Ala Masouliati TV show on Tuesday.

File Photo: Gold bars. AFP
File Photo: Gold bars. AFP


Egypt produces about 15.8 tons of gold per year, most of which comes from Sukari in the Eastern Desert, according to a report by the World Gold Council.

The country's gold exports increased by 45 percent to reach $1.633 billion in 2022, compared to $1.126 billion in 2021, as reported by Egypt's General Organization for Export and Import Control.

Recognizing the potential for further growth in the mining sector, the Egyptian government launched new tenders for gold and precious metals mining in the country during the second half of 2023.

Gold prices to take a downturn

Farag also pointed out that gold prices have been declining following the issue of new high-yield certificates by the National Bank of Egypt (NBE) and Banque Misr.

The ministerial advisor expects the price of 21-carat gold to decline further to EGP 2,500 per gram, down from EGP 3,270. 

He disclosed that in recent days, two tons of gold have been sold, with demand shifting towards CDs, affecting both gold and the US dollar.

On Wednesday, local prices of 24-carat and 21-carat gold reached EGP 3,680 and EGP 3,220 per gram, respectively, declining more than EGP 50 since yesterday, according to Egypt Gold Price Today.

Today's gold spot price reached $2,035.09 per ounce, or $78.57 per gram – equivalent to EGP 2,029.26 (official market rate) or EGP 3,600.3 (parallel market rate).

On Thursday, NBE and Banque Misr announced the issuance of new CDs with annual yields of 23.5 percent and 27 percent, respectively, which are expected to attract EGP 500 billion proceeds.

Short link: