The price of 24-karat gold, the benchmark most closely linked to the global rate, was recorded at 6,228 Egyptian pounds ($199.69) per gram, reflecting current calm trading in the local market.
Local gold prices today:
24-Karat: 6,228 EGP
21-Karat: 5,450 EGP
18-Karat: 4,671 EGP
Gold Pound (8g): 43,600 EGP
Global Demand
Globally, wholesale gold demand in China saw a significant rise in October, reaching 124 tonnes on both a monthly and yearly basis. Chinese exchange-traded funds (ETFs) injected nearly 34 tonnes of gold during the same month. Furthermore, gold futures trading volumes on the Shanghai Gold Exchange increased, indicating strong activity in the Chinese market.