Egypt’s Mine Gold Reserves Reach 25 Million Ounces

Egypt’s remaining gold reserves in mines add up to around 25 million ounces, according to an announcement by an advisor to the Ministry of Supply.

With the majority being mined in Sukari in the Eastern Desert, Egypt’s annual gold production rates are about 15.8 tons, as per a report by the World Gold Council.  As for Egypt’s gold exports, Egypt’s General Organization for Export and Import Control has stated that they’ve increased by 45%, thus reaching $1.633 billion in 2022, a $0.507 billion boost from 2021. 

The Ministry of Supply also noted the decreasing trend in gold prices, which has been attributed to the issuance of new high-yield certificates by the National Bank of Egypt and Banque Misr. The ministry anticipates a further drop in the price of 21-carat gold to EGP 2,500 per gram, down from its current price of EGP 3,270. Two tons of gold were sold, with a shift in demand towards certificates of deposit (CDs) impacting both gold and the US dollar.

As of Wednesday, local prices for 24-carat and 21-carat gold stood at EGP 3,680 and EGP 3,220 per gram, respectively, marking a decline of more than EGP 50 since the previous day, as reported by Egypt Gold Price Today. The current spot price for gold is recorded at $2,035.09 per ounce, equivalent to $78.57 per gram, or EGP 2,029.26 (official market rate) or EGP 3,600.3 (parallel market rate).

Acknowledging the prospect of additional expansion in the mining industry, the Egyptian government initiated new tenders for the extraction of gold and precious metals within the country. Additionally, the National Bank of Egypt (NBE) and Banque Misr introduced new CDs with annual returns of 23.5 percent and 27 percent, respectively. These CDs are anticipated to draw in proceeds totaling EGP 500 billion.