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Gold in Egypt trades 40 pounds below fair value
The gold market in Egypt witnessed the return of the price gap to more than 40 pounds per gram of 21-karat gold, due to a decline in local demand and a stable US dollar exchange rate, despite a 1.3% increase in global gold prices over the week. The local gold price fell compared to the fair value calculated based on the global ounce price, indicating weak demand within the market and the absence of a clear trend in future price movements. Gold prices in Egypt increased modestly from 6,130 to 6,150 pounds per gram during the week, while the international ounce reached a high of $4,207, reflecting a disparity between the domestic and global markets that affects price equilibrium.
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