Gold Prices Drop, Dollar Stable in Egyptian Market

The Egyptian markets witnessed a noticeable drop in gold prices today amidst a stable US dollar, according to Bkam data. The price of 21K gold fell by 0.37% to 6,790 EGP per gram, marking a decline of 25 EGP compared to yesterday. Similarly, 18K gold decreased to 5,820 EGP per gram, while 24K gold reached 7,760 EGP per gram.

On the other hand, the US dollar exchange rate remained stable in the Egyptian market at 52.61 EGP for sale and 51.88 EGP for purchase, showing a slight stability of 0.04% from the previous day. Technical analysis of gold prices indicates a balanced market with low volatility, as the 7-day and 14-day moving averages equal at the price of 6,790 EGP, reflecting a calm in price movements.

Regarding Arab currencies, the Saudi Riyal exchange rate stood at 14.03 EGP for sale, while the Kuwaiti Dinar recorded 170.1 EGP. In the European context, the British Pound exchange rate was 70.79 EGP, whereas the Euro reached 61.2 EGP.

These figures reflect a relative stability in the Egyptian market, with slight fluctuations in gold and currency prices, indicating a calm in demand and supply during this period.