Gold price hits highest rate in its history in Egypt

On Thursday, November 24, 2022, the price of gold in Egypt reached its highest historical level, as the price of the 21-karat gold recorded LE1,373 per gram.

At the beginning of trading, on Thursday, the 21-karat gold recorded LE1,365 per gram, rising by LE8 later.

The price of gold in Egypt jumped as a result of a sharp increase in the demand for buying bullion, as a large number of traders are turning their balances to gold, Amr Saeed, an expert in the gold jewelery market, said.

Gap in the price of gold

In a statement to Al-Masry Al-Youm, Saeed described the current gold price as “exaggerated”, as there is a gap in the market between the real and the declared price.

These high rates will continue with slight fluctuations in the price during the coming period, he added, pointing out that this price boom is driven by the inability of traders to meet their dollar needs, and their tendency to convert their balances into gold.

Gold price in Egypt, on Thursday:

  • The 24-karat gold recorded LE1,569 per gram
  • The 21-karat gold recorded LE1,373 per gram
  • The 18-karat gold recorded LE1,176 per gram
  • The 14-carat gold recorded LE915 per gram
  • The price of the gold pound recorded LE10,984

Globally, the price of an ounce of gold recorded US$1,738, at the closing price of the trading session, on Wednesday. The US is on an official holiday celebrating Thanksgiving, on Thursday, November 24.

The price of gold globally recorded its highest rate in three days at $1,748 an ounce, and recorded its lowest rate in three days at $1,733 an ounce.

According to FXStreet, gold prices are tending to rise amid light trading on Thanksgiving after the pessimistic US Federal Reserve meeting and weak US data which lowered Treasury yields and the US dollar price.

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