Egyptians purchased 57 tons of gold in 2023, up 11% from 2022, according to a report released today by the World Gold Council.
Of this total, 26.7 tons were gold jewelry, down 17% from 32.3 tons in 2022. The remaining 30.3 tons were gold bars, up 58% from 19.2 tons in 2022.
The World Gold Council report also showed that Egyptian gold purchases declined in the fourth quarter of 2023, to 11.5 tons, down 18% from 12.6 tons in the third quarter, 17.1 tons in the second quarter, and 15.8 tons in the first quarter.
Global gold demand declined by 5% in 2023 to 4,448.4 tons, compared to 4,699 tons in 2022.
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