Ethiopian gold market experienced a significant increase in gold prices in September 2024.
The price of one gram of 24-karat gold on September 30, 2024, was 10,762.7946 birr (approximately $86.30). On August 30, 2024, the gold price was 9,425.1879 birr ($80.682). The Ethiopian gold market has experienced an increase in prices of more than 1,337 birr in one month. This represents an approximate rise of more than 14% in one month, primarily influenced by fluctuations in the birr-dollar exchange rate.
The price of one gram of 23-karat gold on August 30, 2024, was 9,032.4717 birr (approximately $77.32). And today, on October 7, 2024, the price of one gram of 23-karat gold is 10,314.3449 birr (approximately $82.71). The gold market of Ethiopia experienced an increase of more than 1,281 birr in the price of 23-kara gold.
As per the National Bank of Ethiopia, the gold prices of 24-karat gold for today are 10,762.7946 birr (approximately $86.30).
If you compare the gold prices in Ethiopia in August 2024 with July 2024, prices increased more than 60% during the first week of August 2024. The price in August for one gram of 24-karat gold was 7588.57 birr (around $77.20), a sharp increase from July’s price of 4,668.08 birr ($77.38).
Recently, the Ethiopian government introduced economic reforms that adjusted the foreign exchange rate to align with market conditions. Since these reforms began, the birr has been depreciating continuously against the dollar.
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