Egyptian Gold Buying Spree: How Much Was Spent in 3 Months?

The Egyptians spent $986.6m, equivalent to £30.5bn, buying gold in the first quarter of this year, from January to the end of March.

The report indicated that Egyptians’ spending on gold increased by 34% in the first quarter of this year compared to the same period last year, which amounted to $737.1 million.

The report indicated that Egyptian purchases of the precious metal in the first three months of this year amounted to 16.2 tons, compared with 12.2 tons in the same period last year, with an increase of 33%.

Egypt ranked seventh in the list of countries with the highest demand for gold purchases in the first quarter of this year, with a share of 2% of the global volume.

The World Gold Council noted that Egypt was in first place among the Arab countries with the highest spending on the purchase of the yellow metal during the first three months of this year, but came in second in the Middle East with the superiority of Iran.

Source: money