Thursday 19 backend.Sep
The price of gold in Egypt has fluctuated significantly since Friday, primarily due to shifting global gold prices. Despite the US dollar exchange rate remaining stable in official banks since last Thursday, the gold price has experienced unpredictable swings, indicating uncertainty within the official banking market.
Gold prices on Saturday:
24 karat: EGP 3983
21 karat: EGP 3465
18 karat: EGP 2987
Gold pound: EGP 27880
Last week, the local price of 21-karat gold declined by 0.4%,
dropping from 3475 Egyptian pounds per gram to 3460 Egyptian pounds per gram.
US dollar exchange rate stability:
The US dollar exchange rate remained steady against the
Egyptian pound in official banks last week, closing at an average of 48.84
pounds per dollar. This stability helped maintain a more predictable gold
price, as gold prices are closely tied to the dollar exchange rate.
Gold prices surge analysis:
Gold prices in Egypt are currently on the rise, driven by a
combination of increasing global gold prices and growing domestic demand for
gold as a safe haven and store of value. This upward trend is occurring amidst
ongoing geopolitical tensions surrounding Egypt, according to Gold Billion's
technical analysis.
Central Bank of Egypt's measures:
The Central Bank of Egypt (CBE) has extended the grace period for gold exporters to remit their foreign currency earnings to 75 days from the shipment date. This measure aims to boost Egypt's gold manufacturing and export industries, addressing concerns raised by the gold sector. Additionally, the CBE has granted banks greater flexibility in setting daily or monthly foreign exchange limits, based on their individual currency reserves. This is intended to alleviate market concerns and address potential foreign currency shortages
