Gold Prices Surge Again in Egypt as 21-Karat Hits EGP 6,750
Gold prices in Egypt recorded a fresh jump during Wednesday’s trading session, with 21-karat gold – the most widely traded category in the local market – rising by EGP 40 to reach EGP 6,750 per gram, excluding workmanship, according to sources at the Gold Division of the Federation of Egyptian Chambers of Commerce.
Market sources attributed the increase primarily to renewed gains in global markets, where gold climbed back to USD 5,032 per ounce. The rally was driven by escalating geopolitical tensions between Iran and the United States, particularly following statements by U.S. President Donald Trump, who indicated that Washington had granted Tehran a ten-day deadline to finalize an agreement, warning that alternative measures would be considered if negotiations fail. The remarks heightened investor concerns and boosted demand for gold as a safe-haven asset.
Sources added that the rise in Egypt’s gold prices reflects strong movements in international markets, compounded by local pressures related to exchange rate fluctuations.
Ongoing political and military tensions between Russia and Ukraine have also reinforced the global upward trend in gold prices, amid persistent uncertainty across international markets. This climate has directly impacted bullion trading on global exchanges, feeding into local pricing mechanisms.
On the domestic front, the Gold Division noted that the recent appreciation of the U.S. dollar against the Egyptian pound in local banks has added further upward pressure on gold prices. Since domestic pricing is closely linked to both the global ounce price and the dollar exchange rate, any increase in the U.S. currency raises the cost base for gold valuation in Egypt.
Despite the sharp price increase, sources pointed to relatively subdued demand in the local market, particularly for gold jewelry. Many consumers are adopting a wait-and-see approach, anticipating greater price stability. Investment demand, meanwhile, remains present but cautious.
Gold Prices in Egypt Today (Excluding Workmanship)
24K gold: EGP 7,715 per gram
21K gold: EGP 6,750 per gram
18K gold: EGP 5,785 per gram
14K gold: EGP 4,500 per gram
Gold pound (8 grams of 21K): EGP 54,000
Market sources emphasized that global political developments and movements in the U.S. dollar will remain the decisive factors shaping gold price trends in the coming period.