Gold prices in local markets fell by 0.6% during the first half of this year, while global gold prices rose by 12.8% during the same period.
According to Saeed Imbabi, Executive Director of the online gold and jewelry trading platform "iSagha," gold prices decreased by 20 EGP during the first half of this year. The price of 21-karat gold started at 3,175 EGP per gram, reached 4,000 EGP in January, and currently stands at 3,155 EGP. Meanwhile, the global gold price per ounce rose by 264 USD, starting the year at 2,062 USD, peaking at a historical high of 2,451 USD, and currently trading at 2,326 USD.
Imbabi noted that local gold prices increased by 10 EGP during the week ending last Saturday. The price of 21-karat gold opened the week at 3,145 EGP per gram, touched 3,165 EGP, and closed at 3,155 EGP. Concurrently, the global gold price per ounce increased by 6 USD, starting at 2,320 USD, reaching 2,339 USD, and closing at 2,326 USD.
He added that the current prices for different gold purities are: 3,600 EGP per gram for 24-karat gold, 2,700 EGP for 18-karat gold, 2,100 EGP for 14-karat gold, and 25,200 EGP for a gold pound coin.
On Saturday, local gold prices rose by 5 EGP, with 21-karat gold starting and ending the day at 3,150 EGP, coinciding with the weekend closure of the global gold markets.
Imbabi also highlighted that in June, gold prices increased by 1.6%, or 50 EGP, with 21-karat gold starting the month at 3,105 EGP and closing at 3,155 EGP. Global gold prices rose by 0.04%, or 1 USD, opening at 2,327 USD, dipping to 2,292 USD, peaking at 2,339 USD, and ending at 2,326 USD.
Imbabi predicts a potential decrease in gold purchases by Egyptians in the first half of this year compared to the same period in 2023. This is attributed to reduced demand and lack of consumer confidence due to volatile prices, especially after the price of 21-karat gold surpassed 4,000 EGP per gram and then dropped to around 3,000 EGP.
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