Gold demand drops during Eid al-Fitr, defying holiday trends: Egypt's FEI official
Ehab Wassef, Head of the Gold and Precious Metals Division at the Federation of Egyptian Industries (FEI), reported an unexpected decline in gold demand during the Eid al-Fitr holiday—contrasting with previous years, when demand typically spikes due to increased purchases of gifts and gold jewellery.
'This year's slowdown in gold buying and selling reflects a noticeable shift in consumer behavior,' Wassef said, attributing the trend to ongoing economic pressures and rapid shifts in both global and local markets. He also noted that the relative stability of the local currency has helped curb speculative activity.
Gold prices in the local market have dropped by approximately EGP 95 since mid-last week. After reaching a peak of EGP 4,445 per gram for 21-karat gold, prices have now fallen to around EGP 4,350 per gram—a 2.1% decrease.
Wassef explained that the decline in prices is largely driven by a fall in global gold prices. Internationally, gold dropped from a record high of $3,167 per ounce to $3,037.
He emphasized that the recent stability of the US dollar exchange rate against the Egyptian pound has shifted the focus toward global market dynamics. 'With the dollar holding steady, international gold prices have become the dominant factor influencing local pricing,' he added.
© 2024 Daily News Egypt. Provided by SyndiGate Media Inc. (Syndigate.info).
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