Gold and Dollar Prices Stable in Egyptian Market

The Egyptian market witnessed a noticeable stability in gold prices today, with 21-carat gold maintaining its price at 6,790 EGP per gram, according to the data from Bakam. Both 18-carat and 24-carat gold prices remained unchanged, with 18-carat gold priced at approximately 5,820 EGP per gram and 24-carat gold at 7,760 EGP.

On the other hand, foreign currency prices did not see significant changes, with the US dollar stable at 52.58 EGP for sale and 51.85 EGP for purchase, recording a stability of 0.02% compared to yesterday's prices. Arab currencies like the Saudi Riyal and the UAE Dirham also showed relative stability in selling and buying prices.

This stability in gold and currency prices is attributed to several factors including the relative stability in global markets and strong local demand for gold as a safe haven. Technical indicators for the market showed that 21-carat gold is experiencing a balance in supply and demand, with low price volatility, indicating a calm market state.

This stability comes at a time when markets and investors are looking ahead to any potential changes in monetary policies both locally and globally, which could affect price movements in the coming period.