Gold Prices Remain Stable.
On Saturday, December 16, 2023, the gold prices in Egypt served as a ray of stability in the volatile world of finance. During the evening trading session, Nadia Naguib, the former General Secretary of the Cairo Chamber of Commerce’s Gold Division, attested to the stability of the prices. The stated prices per gram for 14-carat gold were 1920 EGP, 18-carat gold was 2469 EGP, 21-carat gold was 2880 EGP, and 24-carat gold was 3291 EGP.
H1) Gold Pound Price Remains Consistent.
At 23040 EGP, the gold pound—a special unit of gold weight in Egypt—remained in place. Naguib did point out that there might be slight differences in prices between dealers. The Egyptian gold prices held up well during the weekend closure of the global market, which included commodity and metal exchanges.
H2) Global Gold Market
Regarding the global scene, the price of gold dropped, reaching about $2020 per ounce (or 31.1 grams of 24-carat gold) on Friday. Bloomberg reported this $16.74 or 0.82% decrease. Readers who would like to monitor the current price of gold can use Masrawy’s service.
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Concurrently, the British financial institution HSBC forecasted a depreciation of the Egyptian pound, potentially reaching EGP 40–45 in relation to the US dollar in Q1 2024. This follows several months of official transactions where the Egyptian pound was stable at EGP 30.9/$1. After three devaluations since March 2022, the Egyptian pound lost more than 75% of its value in relation to the US dollar as a result of this. In the parallel market, the Egyptian pound reached EGP 50/$1.
H4) Changes in Exchange Rates and Inflation.
A more flexible exchange rate regime is being shifted overall, and this includes the proposed adjustment of the exchange rate for the Egyptian pound. It is anticipated that this modification will make it easier to finish the initial assessment of the International Monetary Fund’s reform initiative. The delay in the devaluation of the Egyptian pound can be ascribed to the dollar liquidity crisis and a lack of foreign exchange, particularly as Egypt struggles with high rates of inflation.
Despite China’s economic uncertainty, demand from the country drove gold prices to an all-time high of $2,135.40 per ounce on December 4. According to analysts, President Xi Jinping’s administration is likely to see a decline in the confidence that the people of China have in their economy, which will continue to drive a high demand for gold.