Gold Prices Steady in Egypt Despite Dollar Decline

Gold prices in Egypt are witnessing significant stability today, with the price of 24K gold remaining at approximately 7,114 EGP per gram, marking a slight increase of 0.08%, equivalent to 6 EGP over yesterday, according to Bekam data. Meanwhile, the price of 21K gold is steady at 6,225 EGP, up by 5 EGP from the previous day, and 18K gold is priced around 5,336 EGP, up by 4 EGP.

These figures come amidst a decline in the exchange rate of the US dollar within the Egyptian market, where the selling price registered 51.78 EGP, a 0.46% decrease from the day prior. The market remains balanced despite the natural price fluctuations, with technical indicators showing the current price of 21K gold at 6,225 EGP.

These numbers reflect the local gold market's response to global market changes, with the international ounce for 21K gold at approximately 3,762.55 USD, and 24K gold at about 4,300.01 USD. This stable condition is expected to persist given the current economic circumstances and fluctuations in global currency prices, making gold a safe haven for local investors.