Central banks added a net 15 tons to global gold reserves in August, generally consistent with net monthly purchases between March and June, indicating a return to buying after global reserves remained steady in July.

Ehab Wasif, Head of the Gold and Precious Metals Division at the Egyptian Federation of Industries, said, “Local gold continues to register new record numbers influenced by strong global momentum, with the price of 21-carat gold – the most traded in the Egyptian market – jumping to 5430 Egyptian pounds.

Regarding forecasts, Wasif explained that “international institutions’ forecasts have been adjusted after the record levels,” noting that Goldman Sachs raised its gold price target to $4900 per ounce, marking a clear shift towards a more positive outlook for the precious metal in the coming period.