Amidst the early trading hours of Sunday, June 9, 2024, Egypt’s gold market experienced subtle shifts. While the price of gold remained largely stable, there were slight increases and decreases in the price per gram across different karats. The 21-karat gold, a popular choice among Egyptians, saw prices ranging from 3090 EGP to 3100 EGP per gram, reflecting minor variations as the market opened. The 24-karat gold fluctuated around 3543 EGP, and 18-karat hovered around 2657 EGP per gram, with a notable decrease of 10 EGP from the previous day’s prices .The exchange rate of the US dollar against the Egyptian pound played a crucial role, maintaining stability throughout the morning trading session at various banks. The Central Bank of Egypt reported an average buying price of 47.46 EGP and a selling price of 47.56 EGP, with slight variations across other financial institutions. This steadiness is attributed to the Egyptian government’s economic measures to curb the black market and promote a more stable currency exchange rate.Globally, the price of gold closed at $2294 per ounce, with expectations of increased demand during the upcoming Eid al-Fitr holiday and the return of Egyptian workers from abroad. The International Gold Council noted a significant increase in gold inflows into investment-backed gold funds, with a 15.1-ton increase during the week ending May 31, influenced by substantial contributions to European and Asian funds. This global trend could potentially bolster the local gold market as investors and consumers alike navigate the nuances of the finance sector.
Key points
- Egypt’s gold prices on June 9, 2024, exhibited minor fluctuations, with 21-karat gold priced between 3090 EGP and 3100 EGP per gram.
- The US dollar exchange rate against the Egyptian pound remained stable during morning trading sessions.
- The global gold price influenced local market trends, with a slight decline to $2294 per ounce.
- The International Gold Council reported a 15.
1-ton increase in gold inflows into investment-backed gold funds for the week ending May 31.
Contradictions👾There are conflicting reports about the stability of gold prices, with some sources reporting a stable price with slight increases, while others note a decrease.
