Gold prices in Egypt jumped by more than 50 pounds per gram of 24 karat in just 10 days, in parallel with the repercussions of the outbreak of the Russian-Ukrainian war.
The price of a gram of 24 karat gold jumped to 1039 pounds on March 8, recording its highest level since the start of the war, while a gram of 21 karat gold recorded 909.30 pounds.
Since the end of last February until today, Thursday, the price of a gram of 21 karat gold has jumped, achieving an increase of regarding 44 pounds per gram.
And the price of a gram of 21 karat gold ended February at the level of 843.74 pounds, before it recorded today, Thursday, regarding 887.85 pounds per gram.
While the price of a gram of 24 karat gold rose more than 51 pounds, as it ended the month of February at the level of 964.25 pounds per gram, compared to 1015 pounds today, Thursday.
Important tip
A number of experts advise gold holders not to rush to take the decision to sell at the present time, due to the lack of clarity regarding the ongoing war between Russia and Ukraine, as the price of gold might rise even more, if the conflict between the two countries increases, which in turn leads to a rise in global prices once more. The most jump I’ve seen over the past few days.
And regarding the appropriate time when a citizen can sell his gold, and make a percentage of profits from this sale, experts explain that this is determined when the features of the crisis of the ongoing conflict begin to become clear, whether it is peace or Russia’s control of Ukraine, and at that time gold prices may witness a decline .
Experts confirm that the most profitable is 24 karat gold, while 21 karat may not achieve the expected profit due to the price of workmanship.
In global markets, the ounce exceeded $ 2000, as gold today recorded $ 2009 due to fears of an aggravation of the war in Russia and Ukraine, in addition to US sanctions on Russian oil.
During the month of February, gold, which is considered a safe store of value during political and financial uncertainty, rose 6.5% in February to end the month at the level of 1973.96 dollars an ounce.
And global gold prices are receiving support due to continuing concerns regarding the exacerbation of the Russian-Ukrainian crisis following the lack of any progress in the talks between the two sides, but the consolidation of the dollar and news of a US interest rate hike limit the gains.
gold production in egypt
Egypt’s gold production is estimated at 15.8 tons annually, most of which comes from the Sukari mine, in the Eastern Desert.
Egypt hosts regarding 270 gold sites, including 120 sites and mines from which gold was extracted in the past, including the largest and most famous Sukari mine in Egypt.
In recent years, Egypt has intensified its bidding for gold exploration, targeting foreign direct investments of $375 million in the mining sector within two years, amid expectations of an increase in direct investments to reach $1 billion in 2030.
At the same time, it announced the establishment of the City of Gold on an area of 150 acres in early 2021, and also revealed the construction of the first certified gold refinery in the Marsa Alam area.
This comes within plans and economic reforms to raise the mining sector’s contribution to Egypt’s economy, especially that it does not exceed 0.5% at present.
Egypt is seeking to introduce new mines to explore for gold, as it launched a global bid in 2020, in which 11 Egyptian and international companies won regarding 82 areas to search for gold in the Eastern Desert and the Red Sea.
It is noteworthy that China is the world’s largest producer of gold, at 368 tons annually, while Russia ranks second with a total of 331 tons, and thirdly is Australia, with an annual production of 327 tons.
The United States ranks fourth with a production of 190 tons, while Canada produces 170 tons, which places it in fifth place in the world, and in sixth place comes Ghana, the highest African country in gold production with 138 tons.
