For the 21-karat gold grade, the most traded locally, the year began at 5,865 EGP per gram. Within five days, the price rose to 5,995 EGP on January 6, followed by a slight increase to 6,040 EGP over the subsequent five days.
The following week saw a surge of 115 EGP, bringing the
price to 6,155 EGP per gram. In a rapid response to global market gains, the
rate jumped to 6,240 EGP the next day, before soaring by approximately 300 EGP
in just 48 hours to reach 6,525 EGP.
A brief moment of optimism occurred when the price saw its
first dip to 6,470 EGP. However, this was short-lived as prices rebounded the
following day, leaping by over 100 EGP to reach 6,600 EGP. By January 24, the
price climbed to 6,680 EGP, and after a marginal decline, it hit 6,800 EGP on
the morning of January 26.
The volatility intensified on January 28 and 29 with a sharp
increase of 700 EGP, though January 29 closed with a net daily gain of 550 EGP.
In a dramatic shift, January 30 witnessed a historic drop of
600 EGP. Prices stabilized at this lower level on the final day of the month,
leaving market observers questioning the future trajectory of the precious
metal.
Further details in this video: