Since the beginning of 2023, gold prices have surged by over 50 percent amid uncertainty in the market regarding the real causes behind these unprecedented rates.

“Gold is considered a safe haven for many Egyptians. The recent surge in prices has resulted in an increase in demand, while the supply is limited. The increase in gold prices has nothing to with the exchange rate,”

Gold has been one of the safer options for Egyptians to protect their savings against inflation and the devaluation in currency, in addition to CDs and real estate. However, with the current pace of inflation, many Egyptians seem to limit their options to gold.

https://english.ahram.org.eg/NewsContent/3/12/498991/Business/Economy/Gold-rush-Why-Egyptians-are-paying-skyhigh-prices-.aspx