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.
