Gold prices in Egypt have shown slight fluctuations on Saturday, July 27, 2024, with the price of 21-karat gold, the most commonly traded variety, reported between 3245 and 3260 Egyptian pounds per gram. This represents a decrease from last week’s price of 3390 pounds. The price changes come as global gold prices rose to around $2387 per ounce during Friday’s trading, marking a 0.96% increase.The Egyptian currency market has shown stability, with the US dollar exchange rate remaining around 48.29-48.39 EGP for buying and selling. Similarly, the Euro exchange rate has stabilized at approximately 52.55 EGP for sale and 52.36 EGP for purchase.In a significant financial move, the Central Bank of Egypt announced it will issue treasury bills worth 60 billion Egyptian pounds on Monday, July 29, 2024, on behalf of the Ministry of Finance. This issuance includes two auctions: one worth 40 billion pounds for 91 days and another worth 20 billion pounds for 273 days. This decision follows the Monetary Policy Committee’s recent choice to maintain key interest rates, with the overnight deposit and lending rates remaining at 27.25% and 28.25%, respectively.These financial developments occur against a backdrop of relative stability in commodity prices. Basic food items such as rice, wheat, and sugar have seen some price adjustments following increases in gasoline and solar energy costs. Meanwhile, red meat prices have remained stable, with local beef prices ranging from 350 to 400 Egyptian pounds per kilogram.
Key points
- Gold prices in Egypt fluctuated, with 21-karat gold priced between 3245 and 3260 Egyptian pounds per gram.
- The Central Bank of Egypt will issue 60 billion Egyptian pounds in treasury bills on July 29, 2024.
- Egyptian currency remains stable against major foreign currencies.
- Basic commodity prices show some adjustments, while red meat prices remain stable.
Contradictions👾There is a slight discrepancy in the reported price of 21-karat gold, with some sources citing 3245 EGP and others reporting 3260 EGP per gram.
