Gold Prices Dip in Egypt Amid Global Market Uncertainty — June 16, 2025
Gold prices retreated in local markets on Monday, tracking a pullback in international bullion prices after hitting a two-month high earlier in the day. The decline comes as investors engage in profit-taking amid ongoing geopolitical tensions in the Middle East, and as markets await key decisions from the upcoming G7 summit and the U.S. Federal Reserve’s policy meeting later this week, according to iSagha, the online gold and jewelry trading platform.
Local Market Decline
Saeed Embabi, Executive Director of iSagha, reported that local gold prices dropped by EGP 25 compared to Saturday’s closing. The price of 21-karat gold, the most traded in Egypt, fell to EGP 4,875 per gram. Meanwhile, the international spot price of gold dropped by $15 to reach $3,415 per ounce, after briefly touching $3,453 earlier in the session — the highest level in two months.
Updated Price Levels
Embabi added that 24-karat gold was priced at EGP 5,572 per gram, 18-karat at EGP 4,179, and 14-karat at EGP 3,250. The price of a gold pound (8 grams of 21-karat) stood at EGP 39,000.
Market Volatility and Speculation
Last week, gold prices in Egypt surged by EGP 240, with 21-karat gold opening at EGP 4,660 and closing at EGP 4,900. Globally, gold gained $120 per ounce during the same period, moving from $3,310 to $3,430.
Despite these gains, Embabi noted significant price volatility in Egypt’s gold market, pointing to attempts by some retailers to inflate prices without justification. “Over the weekend, with international markets closed, some traders raised the price of 21-karat gold to EGP 5,020 — a move disconnected from any real shifts in the dollar exchange rate, global bullion prices, or supply-demand dynamics,” he said.
iSagha Pushes Back Against Price Manipulation
In contrast, Embabi emphasized that iSagha refused to follow this pricing trend, choosing instead to uphold transparency and fairness. “We firmly stated that the EGP 5,000 price tag does not reflect the true value of gold, but rather, an opportunistic exploitation of market uncertainty and consumer anxiety,” he said.
As the market awaits more clarity from global financial leaders, local consumers and investors are advised to exercise caution and rely on trustworthy sources when making purchasing decisions.