Gold Price Egypt
Egypt is officially known as the Arab Republic of Egypt, and the country is transcontinental. The government of Egypt is a unitary semi-presidential republic. Literary Arabic is Egypt’s only official language. Modern Egypt dates back to 1922, at which time the nation was granted independence from the British Empire. Egypt is the most populous country in North Africa, with over 95 million inhabitants. It is also one of the most populous in the world.
If you are looking to buy gold in Egypt, you will probably see prices quoted by the ounce gram or kilo in the local currency, the Egyptian Pound. Prices may also be listed in other key currencies such as U.S. Dollars, Great British Pounds, euros or yen.
The Egyptian Pound is the official currency of Egypt. Like many other currencies, the pound can be subdivided into 100 smaller units of currency known as piastres or ersh. Egypt’s currency was previously pegged to British Pound Sterling until 1962, when it devalued and switched to a U.S. Dollar peg. The currency was floated beginning in 1989 and the float was aggressively managed by the Central Bank of Egypt. In 2016, the Egyptian Central Bank voted to allow the pound to float freely and and at the same time also eliminated foreign exchange controls.
Egypt has a very long and significant history in the mining industry. The country has significant mineral deposits, and mining in Egypt dates back to predynastic times. Some of the minerals that are abundant in Egypt include coal, tantalite and gold. Zinc, tin, copper and lead deposits have also been found.
Gold mining in Egypt is said to date back to around 1160 BCE. The nation eventually became a major gold producer during the Old Kingdom, and continued to do so for the next 15 centuries until the kingdom broke down. Gold production ramped up during the New Kingdom and new fields were aggressively developed. Most known gold mines in the country today were mined previously by the ancient Egyptians.
Egyptian gold coins can make a great addition to a portfolio or coin collection. The 1957 Egypt Gold 5 Pound coin is a great example of a gold coin from the region. A coin like this may be rarely available, and may carry significant premium over spot due to its relative scarcity. The coin contains 1.1956 ounces actual gold weight and was issued to celebrate the 3rd and 5th anniversaries of the Egyptian Revolution. The coin’s obverse features spread wings along with the coin’s denomination and date. The reverse features a horse and chariot with archer.
While collectible coins can be a great addition for any collection, they may not be the best way to acquire as many total ounces of gold as possible. Standard gold bullion coins and bars may carry significantly lower premiums, allowing investors to get more actual gold for each dollar spent. In addition to fluctuations in the gold price, collectible coins may also see fluctuating premiums based on factors like condition, relative scarcity and market conditions.