Gold Prices Decline, Currency Fluctuations in Egypt

Egyptian markets today witnessed a decline in gold prices, with 21K gold priced at approximately 5820 EGP per gram, reflecting a drop in value compared to previous days. The price for 24K gold was around 6651.5 EGP per gram, while 18K gold was about 4988.5 EGP per gram, according to Bkam data.

Internationally, the 21K ounce reached 3581.29 USD, while the 24K ounce was priced at 4092.94 USD, highlighting a discrepancy between local and global prices.

Regarding foreign currencies, Bkam data showed mixed exchange rates against the Egyptian pound. The USD was priced at 50.19 EGP for buying and 50.9 EGP for selling, while the GBP was at 67.48 EGP for buying and 68.43 EGP for selling. The Euro was recorded at 57.4 EGP for buying and 58.21 EGP for selling.

In the Arab currency markets, the Saudi Riyal was at 13.38 EGP for buying and 13.57 EGP for selling, while the UAE Dirham was at 13.67 EGP for buying and 13.86 EGP for selling. The Kuwaiti Dinar was at 162.51 EGP for buying and 164.81 EGP for selling, and the Jordanian Dinar was at 70.79 EGP for buying and 71.79 EGP for selling.

These fluctuations reflect a state of instability in the Egyptian market due to multiple influences, both international and local, requiring investors to exercise caution.