Gold prices saw a significant increase on Thursday, both locally and globally, driven by growing concerns over inflation. According to the "iSagha" gold trading platform, local markets recorded a notable rise in prices, while global rates followed a similar trend.
Saeed Embabi, CEO of "iSagha," reported that gold prices in Egypt rose by 15 EGP during today’s trading. This increase pushed the price of 21-karat gold, the most popular grade in the country, to 3,775 EGP per gram. Globally, gold prices climbed by $10 per ounce, reaching $2,674.
In the local market, the price of 24-karat gold reached 4,314 EGP per gram, while 18-karat gold was priced at 3,236 EGP, and 14-karat gold at 2,517 EGP. The gold pound, which weighs 8 grams of 21-karat gold, was valued at 30,200 EGP.
The week has seen steady momentum in gold prices. On Wednesday, local prices rose by 5 EGP, with 21-karat gold starting the day at 3,755 EGP, peaking at 3,770 EGP, and closing at 3,760 EGP. Globally, prices increased by $14 per ounce, beginning the day at $2,650, touching $2,670, and closing at $2,664.
The surge in gold prices comes as banks begin disbursing matured certificates of deposit, which may redirect funds into other markets. While banks aim to renew these deposits, some of this money could move into the gold market, increasing liquidity. This, in turn, could drive inflation higher, despite recent reports showing inflation easing to 24.2% in December.
Gold continues to attract investors as a safe haven, particularly amidst concerns about potential currency devaluation. Embabi highlighted that gold’s tangible value, liquidity, and reputation as a hedge against economic uncertainty make it a favored choice for investors.
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