Gold and Silver Rates Retreat in Egypt Amid Shifting Local Demand; Gold Ounce Slips Below EGP 209,000 for Selling
The precious metals sector in Egypt witnessed a downward correction today, as both gold and silver prices pulled back from their previous highs. This minor contraction offers a brief window of opportunity for local investors looking to accumulate raw bullion or physical assets.
Gold Investment Coins and Bars: The heavily favored Gold Pound (weighing 8 grams of 21-karat purity) slid to EGP 47,200 for buying and EGP 47,040 for selling. Meanwhile, the Gold Ounce felt the impact of the market slip, trading at EGP 209,702 for buying and dropping below the key threshold to settle at EGP 208,992 for selling.
Karat and Silver Variations:
Premium Jewelry (18K & 24K): The 24-karat gold gram is currently valued at EGP 6,720 for selling, while the popular 18-karat jewelry caliber reached EGP 5,040 for selling.
Low-Tier Calibers (14K): Retreated to EGP 3,920 for selling.
Silver Market: Followed the downward momentum, with silver trading at EGP 110 for buying and EGP 108 for selling per gram.
This minor drop across the precious metals board reflects changing supply-demand dynamics within local smith markets, as traders keep a close eye on global macroeconomic indicators.