Friday 15 Nov

Stock Market

Gold prices in Egypt drop Monday


Gold prices in Egypt drop Monday

Gold prices in the Egyptian market saw a noticeable decline today, Monday, July 8th, 2024. The price of 21-karat gold, the most popular choice in Egypt, dropped by about 10 Egyptian pounds, reaching 3220 Egyptian pounds per gram.

Here's a breakdown of current gold prices in the local market:

Gold gram prices:

24 Karat: EGP 3686/gram

 21 Karat: EGP 3220/gram

18 Karat: EGP 2764/gram

Gold Pound Price: EGP 25,800


 Global gold ounce price

The price of an ounce of gold on the global stock exchange rose to $2400 last week, which positively impacted gold prices in the Egyptian market. As a result of this surge, the price of 21-karat gold reached 3230 Egyptian pounds by the end of the week's trading.

Gold price forecasts in Egypt

Fuelled by a significant increase in the global price of an ounce of gold, gold prices in the Egyptian market climbed near their highest level since April. This rise follows a long period of price fluctuations in the market.

The rise in global gold prices provided strong support for the Egyptian market. Additionally, other factors influencing local gold pricing stabilized, finally bringing an end to the period of fluctuations and establishing price stability.