Gold Prices in Egypt: Calls for Fair Pricing Amid Unjustified Increases

Gold prices in Egypt have shown a degree of stability amidst the global market's weekend break. This stability comes despite the price of gold ounces reaching unprecedented levels following the U.S. Federal Reserve's decision to hold interest rates steady last Wednesday.

Saeed Embabi, Executive Director of the online trading platform "iSagha," highlighted the current state of the local gold market. As of today, the price for a gram of 21-carat gold stands at EGP 3020, reflecting a subtle increase from the end of last week when the price for an ounce of gold rose by 0.4% to $2165, after peaking at $2222 on March 20th.

Embabi provided further insights into the pricing of gold in different carats: 24-carat gold at EGP 3451 per gram, 18-carat at EGP 2589, 14-carat at EGP 2014, and a gold pound priced at EGP 24160.