Gold Prices Hold Steady in Egypt on Wednesday Morning After Sharp Drop
Gold prices in Egypt remained relatively stable during early trading on Wednesday, following a sharp decline in the previous session. The domestic market reflected the global retreat in gold prices, triggered by the announcement of a ceasefire between Israel and Iran—an event that eased geopolitical concerns and dampened demand for the yellow metal as a safe-haven asset.
Local Gold Prices – Wednesday Morning
24-karat gold: EGP 5,360 per gram
21-karat gold: EGP 4,690 per gram
18-karat gold: EGP 4,020 per gram
14-karat gold: EGP 3,127 per gram
Gold pound (gineih): EGP 37,520
According to pricing indicators from Egypt’s gold market, prices dropped yesterday by approximately EGP 120–130 per gram compared to the start of the week. The gold pound alone lost over EGP 1,000 in value during the same period.
On the international front, gold edged down toward $3,305 per ounce, driven by improved risk appetite among investors and a shift away from safe-haven assets amid easing regional tensions.
Analysts described the current downturn as one of the steepest daily drops in recent weeks. The market remains cautious, with investors closely watching movements in the US dollar and upcoming economic data.
Some gold traders see the current dip as a favorable buying opportunity, given the relative calm in financial markets. However, they warn that renewed geopolitical instability or unexpected economic indicators could quickly reverse the trend.