Demand for gold bars and coins in Egypt dropped by 36% year on year (YoY) in the first quarter (Q1) of 2024 to 5.2 tons, versus 8.1 tons in the year-ago period, as per a report by the World Gold Council.

The marks the weakest purchase pace since Q2 2022, the report revealed.

On the other hand, gold jewelry demand in the country rose by 3% YoY to 8 tons in Q1 2024 from 7.7 tons.

Moreover, consumer demand fell by 7% to 13.2 tons in the three months to March 31st, 2024, compared to 15.8 tons in Q1 2023.

 

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