Gold prices fluctuate in Egypt during Q1 2024

Gold prices fluctuate in Egypt during Q1 2024

The first quarter of 2024 saw unprecedented fluctuations in Egypt’s gold prices, set against a backdrop of significant economic shifts and currency exchange rate volatility. Despite predictions to the contrary, gold prices soared to record highs before experiencing a notable decline at the quarter’s end, as reported by gold bullion analysts.

Throughout Q1, gold prices rose modestly by 2.8%. The year commenced with gold trading at EGP 3,170 per 21K gram, concluding in March at EGP 3,080 per gram—a net increase of EGP 90 per gram. The quarter’s peak prices ranged between EGP 4,150 and EGP 4,200 per gram, while the lowest recorded price was EGP 2,650 per gram.

January’s gold prices surged by 26%, adding EGP 830 to the value per gram and reaching the highest price point of the quarter—averaging between EGP 4,150 and EGP 4,200 per gram. This spike marked the highest price ever recorded for gold in Egypt.

In February, the upward trend continued with a 26.8% increase, translating to a gain of EGP 1,075 per gram. The highest price remained within the EGP 4,150 to EGP 4,200 per gram bracket. However, March saw a reduction in gains to 5.3%, with a profit of EGP 155 per gram and