The World Gold Council (WGC) has disclosed the volume of gold purchases made by Egyptians during the first nine months of 2024.
According to WGC's latest report, there has been a notable increase of 16.5% in the deep purchases of gold, encompassing both jewelry and bullion, by Egyptians during this period.
The report indicates that the total volume of gold purchased by Egyptians from January to September 2024 reached approximately 38 tons, maintaining a steady level of 16.5% compared to the same timeframe last year, which saw purchases totaling around 45.5 tons.
Further details reveal that Egyptian purchases during the third quarter amounted to about 10.4 tons, while the second quarter recorded 14.4 tons, and the first quarter accounted for approximately 13.2 tons.
Additionally, the report highlights that the overall purchases by Egyptians during the January to September 2024 period totaled around 18.1 tons.
The WGC also reported that the volume of bullion purchases by Egyptians is estimated at about 5.3 tons, reflecting a decrease of 16% compared to the previous year, which recorded approximately 6.3 tons.
Moreover, the report specifies that the total purchases of gold jewelry by Egyptians reached about 19.9 tons, representing a decline of 3.9% compared to the same period last year, which recorded around 20.7 tons. It is anticipated that jewelry purchases will amount to approximately 5.1 tons during the third quarter of the year, marking a decrease of 19% compared to last year's figure of about 6.3 tons.
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