Gold Prices Increase by Record 17% in December

Gold prices in Egypt have skyrocketed by approximately 17 percent within a month, reaching unprecedented levels. The gold pound coin has surged to over EGP 26,000, reflecting both a global increase in gold prices and the growing demand from Egyptians trying to protect the value of their financial resources.

The surge in prices is driven by a significant demand pressure in the market, as citizens hedge against inflationary pressures. The price of 24-carat gold per gram has reached an all-time high of EGP 3,726, up from EGP 3,189 in November. Despite Egypt's headline inflation decreasing to 36.4 percent in November, it remains significantly higher than the same period in 2022.