Skip to main content

Egyptians carry on tradition of entrusting savings to gold

Many Egyptians see gold as the safest investment option for their savings, especially in times of economic uncertainty.

According to a report by the World Gold Council, spending on gold jewelry increased by 60% during the first nine months of 2021, compared to the same period last year. Egypt registered about 2% of global spending on gold.

Egyptians spent about 19.2 billion Egyptian pounds ($1.22 billion) on about 21.1 tons of gold in 2021, compared to about 12 billion pounds ($763.1 million) on about 13.8 tons in 2020.

Access the Middle East news and analysis you can trust

Join our community of Middle East readers to experience all of Al-Monitor, including 24/7 news, analyses, memos, reports and newsletters.


Only $100 per year.