Gold Prices in Egypt jump on Yemen Tensions

Gold prices in Egypt surged on Wednesday by 5 Egyptian pounds (US$0.66) in response to increased military actions in Yemen.

Growing tensions in the Middle East, with Saudi Arabia launching military action against rebels in Yemen, have added to the unease and pushed oil prices higher. Brent crude is now up more than 4% at $58.99 a barrel.

Global market shares are heading lower on a combination of geopolitical and economic worries, including the Yemeni crisis, and as usual in such circumstances, investors have turned to gold as a haven in the storm. Consequently, Gold has added $18 an ounce to $1213 while silver has also moved higher, helping precious metal miners buck the market’s slide globally.

Locally, the Twenty-four carat gold is sold today for EGP 312 per gram; while the widely-spread in Egypt Twenty-one carat gold scored EGP 273 approximately per gram.

In addition, the 18-carat gold reached EGP 234 on Tuesday per gram; while the total pound gold recorded the level of EGP 2184.

Speaking to Amwal Al Ghad on Wednesday, El-Sayed El-Sharkawy – chairman of gold traders’ Chamber of Alexandria –has attributed the increase in yellow metal prices in Egypt in response to the sudden surge in global gold markets.

The Table below demonstrates the prices of gold in Egypt recorded on Monday in Egyptian pound (EGP) and the US Dollar (USD):