Egypt’s gold prices are exaggerated: Gold and Jewellery Division

Ahram Online , Thursday 25 Jan 2024

Gold prices in Egypt have spiked due to increased demand, read a statement on Thursday by the Gold, Jewellery, and Precious Metals Division of the Chamber of Mineral Industries of the Federation of Egyptian Industries.

Jewellery store
Jewellery store in Egypt. Ahram Gate.

The current exaggerated prices do not reflect the real value of gold, the statement added.

The division warned against operations occurring outside standard market rules, urging consumers to be cautious during gold purchases at this volatile time.

Citizens were advised against being swayed by unsubstantiated online purchases, which could potentially result in serious financial losses.

Demand for gold in Egypt is hiking due to the surge in inflation and pound instability.

On Thursday, the purchase price of 24-carat gold reached EGP 4,343 per gram. The 21-carat and 18-carat gold prices settled at EGP 3,800 and EGP 3,257 per gram, respectively. 

The gold pound hit EGP 30,400 for purchase.

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