Annual gold jewelry consumption in Egypt declined 17% last year, World Gold Council’s Gold Demand Trends report for 2023.

The report added that Egypt continued to face internal economic difficulties, most notably a decline in local currency that had an impact on domestic consumers. Reduced tourism and geopolitical tensions also had a negative effect.

The report also revealed that demand for investment in gold bars and coins grew to 30t in 2023, up from 2022’s 19t record.

The poor domestic economic conditions, particularly the significant depreciation of the Egyptian pound, which severely impacted consumers, were the main cause of the surge in demand for investments.

 

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