Gold prices surge in Egypt following Middle East tensions

Daily News Egypt
2 Min Read

In the wake of the recent military actions between Iran and Israel, gold prices have seen a notable increase both locally and globally. During the trading week that concluded on Saturday, local markets in Egypt witnessed a 2.5% rise in gold prices, while the global stock market experienced a 0.6% hike by the end of last Friday. This surge is attributed to the ounce reaching record highs amid escalating Middle East tensions.

Saeed Embabi, CEO of iSagha, an online platform for gold and jewellery trading, reported that the local market saw an increase of EGP 80 in gold prices over the past week. The price per gram of 21k gold began the week at EGP 3,200, peaked at EGP 3,300, and settled at EGP 3,280. Concurrently, the global market observed a $13 increase per ounce, opening at $2,330, climbing to $2,430, and closing at $2,343.

Embabi further noted that the price per gram of 24k gold reached EGP 3,749, 18k gold stood at EGP 2,812, and 14k gold approximated EGP 2,187. Additionally, a gold pound was valued at around EGP 26,240.

On Saturday, coinciding with the global stock market’s weekly closure, gold prices dipped by EGP 70. The trading for a gram of 21k gold commenced at EGP 3,210 and concluded at EGP 3,280.

The ongoing conflict between Iran and Israel has propelled gold prices on the global market to unparalleled heights. Embabi anticipates that the expected Israeli counteraction to Iran’s drone-utilizing military strike—publicized by Iranian official media following Israel’s airstrike on the Tehran consulate in Syria—will further escalate gold prices due to heightened demand. As a result, investors are increasingly turning to gold as a safeguard against the potential fallout of war and the worsening economic landscape.

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