The 21-karat gold standard, the most widely traded in Egypt, climbed to an unprecedented level of EGP 5,237 per gram. This rise comes despite pressure from a recent decline in the US dollar's local exchange rate.
Current Gold Prices in Egypt:
|
Gold standard |
Price per gram (EGP) |
|
24-karat |
5,985 |
|
21-karat |
5,237 |
|
18-karat |
4,489 |
|
Gold Pound (8 grams) |
41,896 |
Globally, gold continues its upward trajectory, approaching
the $3,900 per ounce mark. This momentum is supported by strong safe-haven
demand amid escalating economic risks. Markets are closely watching for the
possibility of the precious metal reaching $4,000 if the current state of
uncertainty persists.
The global price surge follows the official commencement of
a US government shutdown, after Congress failed to pass spending legislation.
Analysts believe this crisis, coupled with expectations of further Federal
Reserve interest rate cuts, has bolstered investor appetite for gold as a
secure asset. The 21-carat standard is noted to be leading the local market's
gains, indicating strong domestic demand.