Egypt gold prices rise 115 pounds in a week
The gold market in Egypt experienced a rise in prices over the past week, with the price of a 21-karat gold gram increasing by approximately 115 pounds to reach 6,380 pounds. This represents a weekly increase of 1.8%, and since the beginning of the year, it has gained 550 pounds (9.4%). Globally, the ounce of gold rose by $29 (0.7%), despite a decline in prices in international markets. The strengthening of the US dollar exchange rate has supported local gold prices. The increase in prices is attributed to a rise in supply and weak demand, with repeated sell-offs by citizens aiming to secure liquidity. Although gold prices in the market have risen, their actual value remains 16.1% below the record levels recorded in March. Additionally, the Egyptian market shows signs of exporting excess gold to convert it into cash, amid increasing selling pressure and sluggish purchase activity, coupled with declining local buying and protests against rising gold prices.
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