Egyptians' gold purchases declined by 16% to record11.1 tons during the first quarter of this year, compared to 13.2 tons during the same period last year. They also declined by 8.3% compared to the fourth quarter of 2024, when purchases reached 12.1 tons, according to a World Gold Council report issued today.
The Council revealed that this decline is caused by the rise in gold prices globally and locally, which negatively impacted citizens' purchasing power, in addition to the improvement in economic indicators and the stability of the exchange rate, which reduced demand for gold as a safe haven after periods of economic volatility.
The World Gold Council's report pointed out to an increase in investments in gold exchange-traded funds in global markets by about 226 tons, reaching 3,445 tons, the highest level since May 2023. These funds also recorded financial inflows worth $21 billion during the quarter, the second-highest quarterly level ever.
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