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Egyptians’ Gold Shopping Hits Historic Highs In The First Half Of The Year
Egyptians’ are all about gold shopping this year
According to the data from the World Gold Council, Egyptians went on a gold-buying spree, surpassing 33.5 tons in the first half of the current year compared to just 22.9 tons during the same period in 2022.
The surge was fueled by purchases of gold coins and bars
The surge was fueled by a whopping 173% increase in purchases of gold coins and bars, reaching 18.6 tons versus 6.8 tons last year. Meanwhile, jewelry purchases saw a slight dip of around 8% to 14.8 tons from 16.1 tons.And the momentum didn’t stop there! In the second quarter of 2023, Egyptians continued their golden affair, buying a shiny 17.3 tons, up from 16.2 tons in the previous quarter, and way ahead of the 10.7 tons they bought in the same quarter last year.
It seems that gold fever has taken over Egypt, and they are definitely making a glittering statement with their love for the precious metal!
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