Egypt Continues to See Unprecedented Rise in Gold Prices

Egypt's local gold market experienced a remarkable increase in prices on Monday. Despite a global decrease in gold prices, largely attributed to speculations about the US Federal Reserve not cutting interest rates in their upcoming March meeting, gold prices in Egypt surged by 70 Egyptian Pounds (EGP).

Saeed Embabi, the Executive Director of 'iSagha', an online platform for gold and jewelry trading, reported that the price of 21-karat gold per gram in the Egyptian market escalated to 3,630 EGP. This rise contrasts with the global market, where the price of an ounce of gold decreased by about 5 dollars, settling at 2,024 dollars.

In further detail, Embabi noted that 24-karat gold reached 4,149 EGP per gram, 18-karat gold stood at 3,112 EGP per gram, and 14-karat gold was priced at approximately 2,420 EGP per gram in Egypt. The gold pound (eight grams) was valued at 29,040 EGP.

Highlighting the volatility of the gold market, Embabi pointed out an 8.5% increase in gold prices in Egypt during the past week, amounting to a 280 EGP rise. Starting the week at 3,280 EGP for 21-karat gold, the price peaked at 3,700 EGP and eventually settled at 3,560 EGP by Saturday. This upward trend starkly contrasts with the global market, where the price per ounce fell by 1%, approximately 20 dollars, from 2,049 to 2,029 dollars over the week.