Gold price here reached a record high! What’s going on?

据路透社报道，由于埃及货币埃及镑不断走软，埃及黄金价格近来呈上升趋势，本月一度触及其国内金价的历史最高水平。

According to Reuters, due to the depreciation of the Egyptian pound, the price of gold in Egypt has been on the rise recently, reaching the highest level in the history of domestic gold prices this month.

埃及商会联合会黄金部门的最新数据显示，本月，21K黄金的市场价一度超过每克1800埃及镑，约合人民币507.24元，触及埃及国内金价历史最高。截至当地时间27日，21K黄金的价格已经回落到每克1262.30埃及镑，约合人民币355.71元，但仍远高于一年前每克674埃及镑的水平。

The latest data from the gold sector of the Egyptian Chamber of Commerce shows that, the market price of 21K gold once exceeded 1800 Egyptian pounds (or about 507.24 yuan) per gram, this month, touching the highest record in Egypt. As of the 27th local time, the price of 21K gold had dropped to 1262.30 Egyptian pounds (or about 355.71 yuan) per gram, but still far higher than the price of 674 Egyptian pounds per gram a year ago.

埃及商会联合会黄金部门负责人表示，推高金价的一个重要原因是，从今年3月起，埃及银行规定进口货物必须用“信用证”支付，导致进口应声放缓，大量进口商品积压港口，无法支付，这促使一些进口商开始购买以埃及镑计价的黄金，以便带到国外换取美元。

The head of the gold department of the Federation of Egyptian Chambers of Commerce said that a main reason for driving up the gold price is that since March this year, the Bank of Egypt had stipulated that imported goods must be paid by "letter of credit", which led to a slowdown in import. A large number of imported goods were overstocked at ports. Some importers started to buy gold denominated in Egyptian pounds and then brought it abroad to exchange dollars.

此外，今年以来，由于美联储采取激进加息政策，导致美元指数持续走高，埃及镑相对大幅贬值52%。分析人士称，不断疲软的埃及镑造成埃及民众买金寻求保值避险。

In addition, since this year, the US dollar index has continued to rise, and the Egyptian pound has depreciated by 52%. Analysts said that, due to the depreciation, Egyptian people are tending to buy gold to avoid asset shrinkage.

今年以来，跟世界其他许多经济体一样，埃及国内通胀持续高企，数据显示，上月埃及核心通胀率上升至18.7%，创下近五年来新高。

Since this year, like many other economies in the world, Egypt's domestic inflation has remained high. Data show that Egypt's core inflation rate rose to 18.7% last month, a new high in the past five years.

为抑制通胀，埃及央行采取了一系列措施，其中包括连续多轮大幅加息。本月22日，埃及央行宣布再次上调基准利率300个基点至16.75的水平。

In order to ease inflation, the Bank of Egypt has taken a series of measures, including several rounds of substantial interest rate increases. On the 22nd of this month, the Bank announced that it would raise the benchmark interest rate by 300 basis points again to 16.75.

另外，国际货币基金组织近期已就30亿美元贷款计划与埃及政府达成协议。

The International Monetary Fund has recently reached an agreement with the Egyptian government on a US $3 billion loan plan.

Source: 央视财经

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HACOS International Freight Forwarding Agent Company focuses on providing one-stop import and export logistics services for foreign trade companies/foreign trade factories.

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