Gold prices (21-carat) witnessed an increase of 114% during the past year, rising from 786 pounds per gram at the end of 2021 to 1685 pounds in late 2022. Gold traders in Egypt explain that pricing in their country is made through three main factors: the global price of an ounce, the local exchange rate against the dollar, and domestic supply and demand.
The government's actions seem ineffective, and there is growing doubt that the currency will soon regain its value.