PHOTO
Gold vendors wait for costumers inside a shop at the gold market area, as gold prices recorded an increase after devaluation of the local currency, in Cairo, Egypt January 12, 2024. REUTERS/Amr Abdallah Dalsh
Egypt - Gold prices in the Egyptian market are forecast to go up by 4% by the end of 2024, Egyptian Supply Minister’s Advisor for Gold Affairs Naji Farag told Asharq Business.
Speaking on the sidelines of the Nebu Expo for Gold and Jewelry, Farag estimated the price of 21-karat gold to reach EGP 3,850 per gram.
Farag attributed this expected increase to ongoing geopolitical tensions.
He elaborated on the potential for even higher price increases if global gold prices reach $3,000 per ounce next year.
In such a scenario, he indicated that prices of 21-karat gold could surge by as much as 20% in Egypt, reaching approximately EGP 4,500 per gram, he said.
Farag also revealed that in 2024 Egypt's total gold output included around 50 tons of jewelry, alongside 15 tons of gold bars and pounds.
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