Sunday 05 Jan
Gold prices experienced a slight decline in Egypt Thursday, with the price of 21-karat gold decreasing by approximately EGP3. These fluctuations come amid limited trading within the local market, and without any significant direct impact from global gold markets.
Gold prices in Egypt:
21-karat: EGP3733
24-karat: EGP 4266
18-karat: EGP 3200
Gold pound: EGP 29864
Global gold performance in 2024:
Global gold prices experienced
significant volatility in 2024, attracting considerable market and investor
attention. This volatility was fueled by geopolitical tensions, financial
market instability, and shifting monetary policies, reinforcing gold's role as
a safe-haven asset amid growing economic uncertainty.
Rise in gold price per ounce:
The price of gold per ounce
increased by 26%, gaining approximately $540. The year began at $2062 per ounce
and ended above $2600. Gold reached an all-time high of $2790 per ounce in
October before retreating in November and December.
Global gold demand:
Global demand for gold in the
first nine months of 2024, excluding exchange-traded funds, was approximately
3,259 tonnes, marking a 2.7% decrease compared to 2023, according to the World
Gold Council.
Central banks purchases:
Central banks purchases of gold reached 693.6 tonnes during the same period, a 16.8% decline compared to 2023. Despite this decrease, purchases in 2024 remain at record levels, reflecting a continued interest among nations in bolstering their gold reserves.
