Gold prices in Egypt saw a significant increase of EGP 565 per gram in 2024, reflecting an 18% annual rise. This local surge aligned with international markets, where gold recorded its largest yearly gain since 2010, climbing by over 27%. The increase was fueled by heightened global demand for safe-haven assets and central banks reducing interest rates.
Saeed Embabi, CEO of the online gold trading platform “iSagha,” explained that the price of 21-karat gold in Egypt started the year at EGP 3,175, peaked at EGP 4,200 in January, dipped to EGP 3,000 during mid-year, and closed at EGP 3,740. On the global stage, gold prices began 2024 at $2,062 per ounce, soared to a historic high of $2,800 in late October, and ended the year at $2,624, marking an increase of $562.
In December, Egyptian gold prices rose modestly by 1.4% or EGP 50 per gram, with 21-karat gold moving from EGP 3,690 to EGP 3,740. Meanwhile, international gold prices declined slightly, falling by 1% or $26 per ounce, from $2,650 to $2,624.
As global markets closed for the New Year holidays, local prices stabilized. By the year’s end, 24-karat gold was priced at EGP 4,274, 18-karat gold at EGP 3,206, and 14-karat gold at EGP 2,494. The price of a gold pound, equivalent to 8 grams of 21-karat gold, stood at EGP 29,920.
Embabi attributed the steady increase in local prices to the surge in global gold prices, coupled with moderate domestic demand. Many Egyptians turned to gold as a hedge against currency devaluation, although the overall demand in 2024 was notably lower compared to 2023 and 2022.
The rise in gold prices highlights the continued importance of the precious metal as a preferred investment during periods of economic uncertainty. With global financial shifts influencing both local and international markets, gold’s performance in 2024 underscores its enduring value as a safe-haven asset.
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