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Egyptian gold market hinges on demand and supply
The article discusses the current state of the Egyptian gold market. Demand for purchasing has decreased, while reverse selling operations have increased, leading to an oversupply and gold trading at prices below the fair value. Weak demand and a lack of liquidity are contributing to price volatility, with the price of a 21-karat gram reaching approximately 6,465 Egyptian pounds, while the global price of an ounce of gold has risen to $4,510.65. It is expected that with the resumption of activity after the summer holidays and improved liquidity, the local price may approach its fair value. However, if demand remains weak, trading could continue at prices below the fair value for a longer period.
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