Egyptian Gold Prices Shift After Eid Al-Adha
Dollar-Pound Exchange Rate Influences Precious Metal Market
Gold prices in Egypt experienced unexpected changes today, June 12th, following transactions after the Eid Al-Adha holiday. These fluctuations correlate with a weakening of the U.S. dollar against the Egyptian pound, impacting the cost of the precious metal.
Current Gold Rates in Egypt
As of 7:11 AM local time, gold prices across various karats are as follows:
| Gold Karat | Selling Price (EGP) | Buying Price (EGP) | |
|---|---|---|---|
| 24 Karat | 5343 | 5314 | |
| 22 Karat | 4898 | 4871 | |
| 21 Karat | 4675 | 4650 | |
| 18 Karat | 4007 | 3986 | |
| 14 Karat | 3117 | 3100 | |
| 12 Karat | 2671 | 2657 | |
| Ounce | 166182 | 165293 | |
| Gold Pound | 37400 | 37200 | |
| Ounce (USD) | 3355.22 | ||
| Prices last updated: 7:11 AM | |||
These figures are dynamically updated to reflect any new market movements, given the recent volatility in gold prices.
Expert Outlook: Potential Price Dip
Analysts suggest gold prices may experience limited fluctuations or even a decrease. This expectation stems from several economic factors currently at play.
- The price of an ounce of gold globally is subject to temporary increases in the dollar index.
- Shifting investor preferences, influenced by anticipated interest rate hikes in the United States, are impacting demand.
- Local demand has weakened following the holiday period, with increased sales to cover other expenses.
These indicators suggest caution for potential buyers and sellers. The price of gold in Egypt is heavily influenced by the global price of an ounce of gold and the exchange rate between the dollar and the pound, alongside supply and demand dynamics.
According to the World Gold Council, global gold demand in Q1 2024 reached 1,307 tonnes, a 3% increase year-on-year, driven largely by central bank purchases. World Gold Council
Market observers are closely monitoring these factors to predict future price trends.
