Gold and currency markets stabilize in Egypt and Saudi Arabia

Financial markets in Egypt and Saudi Arabia are experiencing periods of stability following significant global shifts in gold and currency values. In Egypt, the US Dollar remains steady against the Egyptian Pound following weekend bank closures. The Central Bank of Egypt reported rates around 49.72 EGP for purchase and 49.86 EGP for sale, while commercial banks like National Bank of Egypt and Banque Misr showed slight variations.

Gold prices in Egypt have seen recent fluctuations, with 21-karat gold trading at approximately 6,055 EGP for purchase and 6,120 EGP for sale. Hani Milad, head of the Gold and Jewelry Division, noted that while prices have risen due to global trends, local demand is recovering as investors view current levels as a buying opportunity. Global gold prices have recently reached significant levels, supported by weaker US economic data.

In Saudi Arabia, gold prices have also stabilized, influenced by record highs in international markets. The 24-karat gold price was recorded at 523.49 SAR, while the popular 21-karat gold reached 458.06 SAR. The stability in these markets comes amid broader macroeconomic movements, including a 31.2% year-on-year growth in Egypt's net international reserves and ongoing IMF support.