Gold Prices Increase, 21-Karat at EGP 3730

Gold prices in local markets continued their upward trend during Monday’s trading, with global bullion prices rising due to increased demand for safe-haven assets amidst escalating conflict in the Middle East.

This increase is also supported by the recent rounds of monetary easing initiated by central banks.

Saeed Embabi, CEO of the “iSagha” platform said that gold prices witnessed an increase by EGP 20 in the local markets during today’s trading, as a gram of 21 karat gold recorded EGP 3730, while an ounce declined to $2735.

He added that a gram of 24 karat gold recorded EGP 4264, a gram of 18 karat gold recorded about EGP 3197, and a pound of gold recorded about EGP 29840.

According to iSagha's weekly report, local gold prices increased by 3% or EGP 110 during last week's trading, as 21-karat gold opened at EGP 3,600 per gram and closed at EGP 3,710. Meanwhile, global gold prices rose by 2.4% or $64, as the ounce started at $2,657 and closed at $2,721.

iSagha's data also showed that gold prices in local markets have increased by 17.4% or EGP 555 since the beginning of 2024, while global prices have risen by $673 or 32.6%. 

This is driven by central bank purchases, expectations of ending the monetary tightening cycle, and strong demand for safe-haven assets due to conflicts in the Middle East, alongside individual purchases.