Why Have Gold Prices Stabilized in Egypt Despite the Rising US Dollar?
The price of 21-karat gold per gram in Egypt stabilized at 6,270 EGP despite the decline of the pound, while 'iSagha' predicted its return to 7,500 EGP.
Gold prices in Egypt remained stable on Sunday despite the decline in the value of the Egyptian pound against the US dollar across various banks. The price of 21-karat gold per gram recorded around 6,270 Egyptian pounds, excluding craftsmanship fees, while the global ounce price reached around $4,164.
Saeed Imbabi, CEO of the gold trading company 'iSagha', stated that energy markets are playing a larger role in this crisis compared to previous ones, which is reflected in the movement of the precious metal's prices locally and globally.
Imbabi suggested that gold might rise again to reach 7,500 EGP per gram, considering that the current decline could provide long-term investment opportunities for investors.
Egyptians continue to closely monitor gold prices as one of the most prominent safe havens for savings amidst exchange rate volatility and inflation.
What do these terms mean?
21-Karat: A common purity grade for gold in Egypt, meaning that 21 out of 24 parts of the piece are pure gold, while the remainder consists of other metals.
Craftsmanship Fee (Making Charge): The amount added by the jeweler to the price of gold for crafting and manufacturing, which is not included in the value of the metal itself.
Global Ounce: The price of an ounce of gold in international markets, used as a reference to calculate local prices in each country.
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