Dr. Naji Farag, former advisor to the Minister of Supply for gold industry affairs, said that the yellow metal is recording its highest peak ever, noting that the ounce has reached $4050.

He attributed the unprecedented global rise during a television interview on Al-Hadath Al-Youm channel to several factors, most notably US inflation data, strong central bank purchases that heavily pressure gold, and the impact of the US government shutdown which created economic and geopolitical uncertainty.

He pointed out that the global increases are reflected in the local market, with the price of 21-carat gold gram reaching 5340 Egyptian pounds, 18-carat at 4577 pounds, while the gold pound recorded 43,000 pounds.

He said, “It is expected that the gold ounce will again surpass the peak it reached at $4050 and exceed $5000 before the end of the year.”

He noted that “if it were not for the stability of the US dollar exchange rate in Egypt, gold prices would have reached extraordinary levels.”

He advised citizens to buy, saying, “Prices are currently calm and very good for buying. Whoever wants to buy should do so at these prices,” expecting “more increases in the coming period.”