Egypt's gold reserves decline despite holdings
The gold reserves in Egypt's foreign exchange reserves declined by approximately $1.6 billion during September, despite an increase in Egypt's gold holdings. This was due to the global gold price dropping by more than $270 per ounce, bringing the price of an ounce to around $4,161 compared to $4,434 in August. Data showed that Egypt's gold holdings increased by about 2,926 ounces in the same month, confirming that the decline in value was caused by the decrease in the global price, not a reduction in actual gold holdings. The global price decline was the primary factor behind the decrease in the value of the reserves, while foreign exchange reserves rose, reaching new record levels.
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