Egyptians bewitched by new gold investment trend
Egyptians are buying gold coins and bars as global prices shoot up amid the coronavirus pandemic.
Global jitters triggered by the repercussions of the coronavirus pandemic are bewitching Egyptians into a new gold investment trend. As gold prices shoot up all over the world, demand for the precious metal is picking up in Egypt, where the man in the street is switching to gold bars and coins rather than traditional jewelry to make snappy gains.
“Demand — especially from individuals — for gold bars and coins is rising significantly. This is a new phenomenon in Egypt. Many people are interested in gold coins, which are 21 karat weighing 8 grams each,” Ahmed Abdelaal, chairman of Abdelaal Jewelry Co., told Al-Monitor.
Prices of 21 karat and 24 karat gold were 910 Egyptian pounds ($57) and 1,040 Egyptian pounds ($65), respectively, on Aug. 9. Egypt’s gold sovereign stood at 7,280 pounds ($455).
Abdelaal explained how gold is one of the safe havens, such as properties and certificates of deposits. “Gold is even better than real estate as it could be sold faster and easier,” he said.
