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The weekly report issued by the Gold and Precious Metals Division at the Federation of Egyptian Industries monitored recent market developments and performance over the past week, alongside an extensive discussion among manufacturers on export prospects for 2026. The sector aims to achieve gold exports worth $9 billion by the end of that year.

The division confirmed that local gold prices continued to rise for the second consecutive week, following a period of sideways movement and volatility without a clear trend. This upward momentum was supported by consecutive gains in global gold prices.

According to Ehab Wasif, head of the division, 21-karat gold — the most widely traded in the Egyptian market — recorded a weekly increase of 3.1%, gaining more than EGP 200. This rise came amid a more than 60-piaster increase in the US dollar, in addition to higher global gold prices.

Wasif explained that gold pricing in Egypt remains primarily linked to global ounce movements, making it vulnerable to rapid directional shifts, particularly amid ongoing instability in international markets. Meanwhile, the dollar’s exchange rate against the Egyptian pound saw gradual upward movements within the banking sector, remaining moderate and helping preserve relative stability in local gold pricing mechanisms.

He also emphasized that the gold sector has received growing state support through a comprehensive strategy aimed at developing the industry across all stages, increasing value added, boosting exports, and positioning gold as a key driver of Egypt’s export growth plan.

Egypt targets total exports of $145 billion by 2030, while the gold jewelry industry seeks to reach $9 billion in exports by 2026, supported by a clear strategy to achieve annual growth of no less than 25%.