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Gold Prices in Egypt on November 29, 2023: Market Updates and Influencing Factors

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BNN Correspondents
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Gold Prices in Egypt on November 29, 2023: Market Updates and Influencing Factors

Today, on November 29, 2023, the Egyptian gold market witnesses a significant fluctuation in the prices of various gold purities. The current price of gold in Egypt stands at 63,094.04 Egyptian pound per ounce and 2,028.52 Egyptian pound per gram. The highest gold price recorded today was 63,217.02 Egyptian pound, while the lowest was 63,094.04 Egyptian pound.

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Gold Prices Influenced by Market Trends and Economic Conditions

The prices of gold are not only influenced by local demand but also by global market trends, economic conditions, and currency exchange rates. Amid a U.S. dollar shortage, currency devaluation, and high inflation, the gold purchase price of 24-carat gold hit 3,211 Egyptian pounds (about 103 U.S. dollars) per gram, compared to 1,686 pounds in the same period last year. Consequently, the price of 21-carat gold soared to 2,810 pounds per gram, compared to 1,475 pounds in late November last year.

Current Prices of Various Gold Purities

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The current price of a gold ounce in Egypt is 99,321.75 Egyptian Pound per ounce, and the gold gram price is 3,193.63 Egyptian Pound per gram for 24 karat. However, due to unstable Egyptian Pound exchange rates, the actual gold rates in Egypt differ greatly from the international gold rates. Furthermore, the current price of 1 kg gold is 2,030,781 EGP. The prices of 24K, 22K, 23K, 18K, 14K gold are provided according to Cairo (Africa) time, factoring in the current exchange rate of Egyptian pound (EGP).

Egypt's Nebu Expo for Gold & Jewelry Amid Soaring Gold Prices

Despite the soaring gold prices and economic challenges, Egypt successfully concluded the third edition of Nebu Expo for Gold & Jewelry. This event served as an opportunity to showcase new products and interact with merchants, proving the resilience and adaptability of the Egyptian gold market.

These updates hold great value for consumers, investors, and professionals in the jewelry industry, who leverage this information to make informed purchasing, selling, or investment decisions. As the gold market continues to ebb and flow, staying informed becomes an integral part of navigating the financial landscape.

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