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Egypt’s Gold Prices Hit Record High Levels in History

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Crazy surge in gold prices today in Egypt today, Thursday, to a record new all-time high, with growing fears about the change in the exchange rate, in addition to pressure from the high price per ounce.

Several factors have boosted demand for the precious metal in light of the current blurring situation in local markets, which led to today’s gold price spikes in Egypt, where the price of a gram of 21-karat gold, the most common today, Thursday, is fixed at 2,270 pounds per gram, which is the highest level he has reached.

The price of a gram of 21k gold has risen by 2.5% since the beginning of April, and a 34% increase since the beginning of 2023, while the price of a gram of 18k gold, the most traded in Cairo, has jumped. up to 1945 pounds, not counting the editorial.

The price of a pound of gold in Egypt is around 18,160 pounds, which weighs 8 grams 21 carats before taxes, with the demand for buying pounds and gold bars growing.

IMF officials have indicated in statements that a return to the inflation target is important, but that many steps need to be taken in this regard after the Egyptian economy has experienced many internal and external shocks, whether it be the rise in global commodity prices due to the Russian -Ukrainian war and the departure of hot money last year. At a time when we find that the current momentum in tourism is not enough to support the hard currency deficit in the country.

It is worth noting that the International Monetary Fund is currently conducting a first review with Egypt under a new program under which Egypt will receive $3 billion over 46 months, which was agreed in December last year. 347 million dollars.

The fund raised its inflation expectations to an average of 21.6% from its previous forecast of 14.8% in January and expected average inflation to rise to 18% for the next fiscal year from previous expectations of 8.7%. This came after how the inflation rate has risen. nationwide by 33.9% year on year in March last year, while the rate in Egyptian cities increased by 32.7% year on year in March from 31.9% in February.

Source: Al-Mal newspaper.

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