Gold Prices in Egypt Jump 8.5% in One Week as Global Rally Accelerates

Saturday 24 January 2026 11:03

Ehab Wassef, Head of the Gold and Precious Metals Division at the Federation of Egyptian Industries, said Egypt’s gold market recorded a sharp weekly surge, with the price of 21-karat gold rising by approximately EGP 522 per gram within a single week, representing an increase of 8.5%.

In the division’s weekly report, Wassef explained that 21-karat gold — the most widely traded in the local market — opened the week at EGP 6,153 per gram, before reaching an all-time high of EGP 6,680, and closing near EGP 6,675, marking the highest levels ever recorded in Egypt’s gold market.

He noted that the current rise in domestic gold prices is primarily driven by the continuous surge in global gold prices, while the US dollar exchange rate against the Egyptian pound has remained relatively stable. As a result, local pricing has been almost entirely linked to global market movements, with minimal internal factors affecting prices.

On the global front, gold extended its rally for the third consecutive week, posting new record highs amid escalating geopolitical tensions, increased demand for safe-haven assets, a weaker US dollar, and heightened uncertainty across global financial markets.

Wassef added that gold’s approach toward the psychological level of USD 5,000 per ounce follows the breakout of several key resistance levels, supported by expectations of steady US interest rates and continued investor demand for hedging instruments.

Regarding Egypt’s gold sector, he confirmed that gold and jewelry exports exceeded USD 7 billion in 2025, surpassing the official target of USD 5 billion, placing Egypt among the world’s leading exporters of gold jewelry. This comes alongside ongoing efforts to establish the country’s first internationally accredited gold refinery.

He stressed that the Egyptian market will remain closely tied to global gold movements in the coming period, with continued price volatility expected, noting that persistent geopolitical and economic risks could push gold to new record levels both locally and globally.