Egypt Gold Prices Slide Sharply as Market Enters Correction Phase
Gold prices in Egypt fell sharply this week, with the benchmark 21-karat dropping below the EGP 7,000 mark, as the local market entered a correction phase following recent gains.
The most widely traded 21-karat gold declined to around EGP 6,910 per gram, down from EGP 7,425 at the end of last week, marking a weekly loss of approximately EGP 515, according to market data.
Other gold categories followed the same downward trend, with 18-karat falling to EGP 5,923 from EGP 6,364, while 24-karat dropped to EGP 7,897, compared to EGP 8,486 a week earlier.
Gold Pound Sees Steep Weekly Drop
Losses were even more pronounced in the gold pound, which fell to EGP 55,280 from EGP 59,400, shedding over EGP 4,100 in one of the sharpest weekly declines recorded in recent months.
Global Trends Add Pressure
The correction comes after a brief rally last week, when prices rose by roughly EGP 200 despite a downturn in global markets.
Internationally, gold prices declined by around 3% over the past week, weighed down by a stronger US dollar and rising bond yields. Additional pressure came from higher oil prices and ongoing geopolitical tensions in the Middle East.
Gold is currently trading at about $4,491 per ounce, while the local “goldsmith dollar” is estimated at EGP 54.7.
Market Awaits Direction
The recent performance highlights the complex interplay between local and global factors. A stronger US dollar had previously cushioned the impact of falling global prices on the domestic market, before the current correction took hold.
Traders are now adopting a cautious stance, closely watching global indicators — particularly currency movements, energy prices, and upcoming central bank decisions — for clearer signals on the next direction of gold prices.