Egypt's Gold Market Sees Surge in Demand Amid Geopolitical Tensions
The gold market in Egypt is experiencing a surge in demand, driven by the maturity of high-yield bank savings certificates. These certificates have injected fresh liquidity into the market, supporting local demand alongside seasonal buying.
According to Gold Bullion's technical analysis, gold successfully broke through the EGP 5,900 resistance level after establishing a price base above EGP 5,800 per gram. The rally lost momentum near the psychological EGP 6,000 level.
The report noted that 21-karat gold has returned to positive territory for the year, gaining around EGP 150 per gram, or approximately 2.5%. Gold Bullion attributed the stronger performance of Egypt's gold market to the depreciation of the Egyptian pound against the US dollar, driven by escalating geopolitical tensions.