We publish Price of a gram of gold In Egypt during evening trading, gold recorded a noticeable move towards rising to levels of 3,200 pounds per gram of 21 karat gold, which is the best-selling gold in Egypt.
Gold prices today
24 karat records 3657 pounds.
21 carat costs 3200 pounds.
18 karat weighs 2743 pounds.
14 karat weighs 2311 pounds.
The gold pound is 25,600 pounds.
Gold market developments after the Central Bank’s decisions
The Central Bank of Egypt announced in an extraordinary meeting that it raised interest rates by 600 basis points, reaching 27.25 for the deposit yield, 28.25% for the overnight lending rate, and 27.75% for the main operation rate.
The Central Bank of Egypt indicated in its statement that the lack of foreign currency resources led to an increase in the parallel market for the exchange rate and a slowdown in economic growth rates. Global inflationary pressures and the economy’s exposure to successive shocks have increased pressure on local inflation rates.
The Central Bank also explained in its statement that although annual inflation rates have slowed recently, they are expected to exceed the target rate announced by the Central Bank of Egypt of 7% on average during the fourth quarter of 2024.
In addition to this, the Central Bank of Egypt allowed the exchange rate to be determined according to market mechanisms, which resulted in an increase in the official exchange rate in banks to record the highest level at the time of writing the report at 50.85 pounds per dollar, with the official exchange rate recording an increase today of 66%.
This decision to move the exchange rate for the first time in more than 14 months comes after the exchange rate of the pound against the dollar in official banks stabilized throughout this period at the level of 30.95 pounds per dollar.
The National Bank of Egypt and Banque Misr have launched a new savings certificate with a decreasing interest rate of 30% over a period of 3 years. The certificate grants a return of up to 30% in the first year, 25% in the second year, and then 20% in the third year.
Statements were issued by Goldman Sachs and Societe Generale indicating expectations that the exchange rate of the pound will stabilize against the dollar between 45-50 pounds to the dollar, and that the final exchange rate may take weeks to achieve stability.