Gold Billion: Gold in Egypt Jumps EGP 200 Amid Escalating Iran War
Gold Billion said gold prices in Egypt recorded strong gains over the past week and throughout February, supported by movements in global bullion prices and fluctuations in the US dollar exchange rate against the Egyptian pound.
According to Gold Billion’s latest technical analysis, the local market benefited from the rise in international gold prices in addition to changes in the exchange rate, which together pushed domestic prices higher.
The price of 21-karat gold - the most widely traded in the Egyptian market - opened Saturday’s session at EGP 7,200 per gram and was trading at EGP 7,300 per gram at the time of writing. The metal had closed the previous session at EGP 7,100 per gram after opening at EGP 6,960, bringing the total increase to EGP 200.
On a weekly basis, 21-karat gold rose by 2.9 percent. It recorded a high of EGP 7,100 per gram and closed the week at the same level, compared with an opening price of EGP 6,900 per gram.
Gold Billion noted that ongoing geopolitical tensions, particularly the outbreak of war involving Iran, have fueled safe-haven demand globally, providing additional support for prices in both international and local markets.
The company added that continued volatility in global markets and currency movements will remain key drivers of gold price trends in Egypt in the coming period, as investors seek to hedge against rising geopolitical and economic risks.