Gold Prices Rise as Chinese Central Bank Resumes Major Purchases

Gold prices saw a significant rise in both local and global markets on Tuesday, fueled by a weaker dollar and reports of renewed gold purchases by the Chinese Central Bank.

According to the "iSagha" platform, local gold prices increased by EGP 20 during mid-trading compared to Monday’s close, with the price of 21-karat gold reaching EGP 3,760 per gram. Globally, gold prices rose by $24 per ounce to hit $2,659.

Saeed Embabi, Executive Director of the online trading platform "iSagha," shared further details on local market rates.

He noted that 24-karat gold recorded EGP 4,297 per gram, 18-karat gold stood at EGP 3,223 per gram, and 14-karat gold was priced at EGP 2,507 per gram. Additionally, the gold pound was valued at EGP 30,080.

Monday’s trading session had witnessed a decline in gold prices, with 21-karat gold falling by EGP 25 to close at EGP 3,740, down from its opening price of EGP 3,765. Globally, the price of gold fell by $5 per ounce during the same period, closing at $2,635 after opening at $2,640.

Reports indicate that the Chinese Central Bank increased its gold reserves by 300,000 ounces in December, marking the second consecutive month of purchases and bringing its total holdings to 73.3 million ounces.

This renewed interest follows a six-month pause in gold buying last year and highlights the central bank’s appetite for the precious metal as a strategic asset.