Egypt gold prices jump 1.2-1.9% on Tuesday
The price of 24K gold rose to EGP 4,360 per gram, up from EGP 4,309.
Similarly, the price of 21K gold increased to EGP 3,825 per gram, up from EGP 3,770,
Meanwhile, the 18K gold prices climbed from EGP 3,231 per gram to EGP 3,270.
The price of a gold pound also hiked from EGP 30,160 to EGP 30,520.
On Tuesday, global gold prices increased by 0.22 percent compared to Monday, reaching $2,743 per ounce, according to Gold Price.
Amir Rezk, a Goldsmiths and Jewelers Association member, told Ahram Online that gold pricing in Egypt has been suspended since Monday.
Rezk predicted gold prices to continue to increase, with 21K gold expected to reach EGP 4,000 per gram and global gold prices anticipated to hit $3,000 per ounce within the next 15 days.
He attributed the increases in local gold prices to the rising value of the dollar and a shortage of raw materials.
The exchange rate of the US dollar against the Egyptian pound has exceeded EGP 49 per $1 for the first time since August, according to the Central Bank of Egypt (CBE).
He further explained that the global price hikes are driven by the US elections and an increase in global banks’ demand for gold as a hedge against cash, which pushed gold prices upward in international markets.
"Regardless of who wins the US elections, global gold prices will rise," Rezk added.