Gold prices in Egypt have shown a slight decline on July 14, 2024, after experiencing a surge in recent weeks. The price of 21-karat gold, the most traded variety, has decreased to 3245 Egyptian pounds per gram, down from 3255 pounds the previous day. This represents a weekly increase of about 20 Egyptian pounds, largely influenced by the rise in global gold prices, which have reached approximately $2421.5 per ounce.The local gold market is closely tied to global trends, with prices varying slightly across different sources and locations within Egypt. For instance, 24-karat gold is priced between 3708 and 3720 Egyptian pounds per gram, while 18-karat gold ranges from 2781 to 2790 Egyptian pounds. The stability of other factors such as the dollar exchange rate and local demand has contributed to the current pricing scenario.Analysts suggest that gold prices may continue to rise in the short term, with potential targets of $2424 and $2450 per ounce in global markets. This projection is supported by momentum indicators that suggest the market is not yet oversold.The fluctuation in gold prices is occurring against a backdrop of broader economic developments in Egypt. The country is anticipating a Central Bank monetary policy committee meeting to review interest rates, scheduled for Thursday. Additionally, the International Monetary Fund (IMF) has postponed its third review of Egypt’s $8 billion loan program to July 29, citing the need to finalize some details.As gold remains a popular investment option for many Egyptians, the market continues to be closely watched. The price variations, even within a small range, can have significant implications for local investors and the jewelry industry.
Key points
- Gold prices in Egypt have slightly decreased, with 21-karat gold now at 3245 Egyptian pounds per gram, down from recent highs.
- The decrease comes after a weekly increase of about 20 Egyptian pounds, influenced by rising global gold prices.
- Analysts predict potential further increases in gold prices, with global targets of $2424 and $2450 per ounce.
- Egypt’s broader economic context includes an upcoming Central Bank meeting and a postponed IMF loan review.
Contradictions👾While most sources report a slight decrease in gold prices, some indicate stability.
This discrepancy might be due to different reporting times or slight variations in market data.
