Gold prices in Ethiopia have begun to decline following a sharp surge over recent weeks. Traders report that the metal's value doubled typical fluctuations due to export patterns from Arab countries. Current market data from the National Bank of Ethiopia indicates stabilization, though observers warn of ongoing risks.
The price of gold, which surged sharply in recent weeks, has started to decline in the current selling market, according to reports from Ethiopian traders. Over the past 15 days, 21-carat imported gold has traded between 24,000 and 25,000 Ethiopian birr (Br) per gram, while local 21-carat gold hovered around 21,000 Br. For 18-carat variants, imported pieces sold for 21,000 Br, and local ones for 19,000 Br.
Traders attribute the recent spike, which was twice as high as typical fluctuations, to export patterns from Arab countries. This volatility prompted caution among market participants. Data from the National Bank of Ethiopia (NBE) confirms a recent drop: 18-carat gold now costs around 99 dollars, equivalent to 14,970 Br, while 21-carat gold is priced at 115 dollars, or 17,465 Br.
Market observers caution that predicting inflation trends remains risky despite this temporary stabilisation. Both domestic and foreign media are urging buyers and sellers to exercise care in trading, highlighting the unpredictable nature of the current market. This easing comes amid broader economic pressures in Ethiopia, where gold serves as a key hedge against inflation.