Gold Prices and Currency Exchange Rates Stabilize in Egypt Amid Global Market Fluctuations

Gold prices in Egypt have stabilized with slight fluctuations on September 8, 2024, showing a modest increase after a period of decline. The price of 21-karat gold, the most commonly traded, is hovering around 3395-3400 Egyptian pounds per gram. This slight uptick is influenced by global market trends, with the price of gold in New York reaching $2515 per ounce.Despite the recent increase, gold prices in Egypt remain significantly below their peak levels from January 2024, when 21-karat gold reached around 4050 pounds per gram. The current prices for various carats are as follows: 24-karat gold at 3880 pounds, 18-karat gold at 2910 pounds, and 14-karat gold at 2263 pounds. The price of a gold pound (weighing 8 grams) has stabilized at 27,160 pounds.Concurrently, the US dollar exchange rate against the Egyptian pound has also stabilized, with most banks quoting around 48.4 EGP for buying and 48.5 EGP for selling. However, there are slight variations among different banks. The Central Bank of Egypt reports an exchange rate of 48.37 pounds for purchase and 48.51 pounds for sale.In related news, the Saudi Riyal has seen a minor decrease against the Egyptian Pound in the black market, with a buying price of 12.97 EGP and a selling price of 12.84 EGP. Economic experts suggest that the exchange rates are now more influenced by market forces following the floatation of the Egyptian currency in March 2024.

Key points

• Gold prices in Egypt have stabilized with a slight increase, with 21-karat gold around 3395-3400 Egyptian pounds per gram.
• The US dollar exchange rate against the Egyptian pound has stabilized around 48.

4 EGP for buying and 48.

5 EGP for selling in most banks.

• Current gold prices remain significantly below their peak levels from January 2024.
• The Saudi Riyal has seen a minor decrease against the Egyptian Pound in the black market.

Contradictions👾While most sources report the price of 21-karat gold at around 3395-3400 Egyptian pounds, one source mentions it reaching 3500 pounds in January, which contradicts other reports of it reaching 4050 pounds at its peak.