Gold Prices Reach Record High of USD 110 Per 21k Gram

The price of gold on the Egyptian domestic market recently reached its highest level historically, even while the global price of gold falls.

Earlier this week, 21 carat gold was trading at EGP 3,360 (USD 108.74), then climbed to EGP 3,400 (USD 110.03), marking a record high for the most popular variety of gold traded in Egypt, though the value has since returned to the original price. 

The current domestic price of gold has been increasing in line with the appreciation of the dollar, alongside a shortage of foreign currency, an issue which the government is tackling through several measures to increase their foreign currency reserves, such as requiring companies to pay VAT in USD or similar currencies.