Islam Saeed wrote Tuesday, February 20, 2024 09:23 AM We publish Gold price in Egypt Today, Tuesday, February 20, 2024, it recorded 3,585 pounds per gram of 21 carat, which is the best-selling item in Egypt, with the decline in demand for gold in the markets, as well as a limited decline in the price of an ounce of gold globally.
Gold prices today:
24 karat records 4097 pounds.
21 caliber records 3585 pounds.
18 karat record costs 3073 pounds.
14 gauge costs 2390 pounds.
The gold pound is 28,680 pounds.
Growth of gold purchases in Egypt
Gold purchases in Egypt have grown significantly over the past five years, as gold purchases of coins and gold bullion jumped starting in the year 2022. Before this date, jewelry dominated the gold market in Egypt and achieved the largest percentage of sales, representing approximately 85 percent of Egyptians’ gold purchases, but With the investment trend in gold, the compass for buying gold has shifted towards bullion and currencies, starting in 2022.
The volume of demand for gold in the Egyptian market recorded rates of increase in gold prices in the markets from 2019 to 2023, with the acceleration of the growth of gold movement in the Egyptian markets.
The report stated that during the year 2019, the total purchases of gold in Egypt amounted to 29.1 tons, including purchases of gold bullion and coins by 2.5 tons and purchases of gold jewelry by 26.7 tons. The local gold price achieved a 6% increase by 38 pounds per gram of 21 carat, and the international price of an ounce achieved an increase of 18.3%. To earn $235 per ounce
The report added that in 2020, the total purchases of gold in Egypt amounted to 23.5 tons, purchases of gold bullion and coins amounted to 2.2 tons, purchases of gold jewelry amounted to 21.3 tons, and the price of local gold achieved a 22% increase, amounting to 147 pounds per gram of 21 carat, and the international ounce achieved an increase of 25%, earning $381. per ounce
Regarding the performance of gold during the year 2021, the total purchases of gold in Egypt amounted to 34.1 tons, including purchases of gold bullion and coins 2.4 tons, and purchases of gold jewelry recorded 31.7 tons. The local gold price decreased by 3.5%, by 29 pounds per gram of 21 carat, and the global price of an ounce achieved a decrease of 3.7%. To lose $70 per ounce.
During the year 2022, the total purchases of gold in Egypt amounted to: 51.5 tons, including purchases of gold bullion and coins: 19.2 tons, and purchases of gold jewelry: 32.3 tons. The price of local gold achieved a 107% increase, amounting to 851 pounds per gram of 21 carat. This is the beginning of the currency crisis in Egypt, which caused jumps. Great for gold throughout 2022, as the global price of an ounce declined by 0.3%, losing $5 per ounce.
By the end of 2023, the total number of gold purchases in Egypt reached: 57 tons, including purchases of gold bullion and coins: 30.3 tons, and purchases of gold jewelry amounted to 26.7 tons. The local gold price rose by 87.6%, by 1,480 pounds per gram of 21 carat, and the international price of an ounce rose by 13% to gain $239. per ounce.
The report stated that Egyptians’ purchases of gold bullion and coins began to achieve significant jumps starting in 2024 due to the dollar crisis and the decline in the value of the pound, and the demand for gold jewelry gradually declined when compared to pre-crisis levels, which represented the largest portion of the volume of demand in the gold market in Egypt.
2024-02-20 07:23:00
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