Egypt Gold Prices Slump as Dual Pressure from Currency and Global Trends Weighs on Market
Gold prices in Egypt have continued their downward trajectory for the third consecutive day, with the benchmark 21-karat gold dropping by EGP 110 to reach EGP 7,065 per gram. According to the "iSagha" digital platform, this 1.53% decline is the result of a "double-pressure" phase: a simultaneous dip in global spot gold prices and a strengthening Egyptian Pound against the US Dollar (dropping from 52.47 to 51.89).
Saeed Imbaby, CEO of iSagha, noted that the local market is currently facing a significant liquidity crunch and a sharp decline in demand. "The reduction in daily price updates—from 13 to just two—reflects a cooling market and diminished trading activity," Imbaby explained. Despite global inflation reaching 3.3% in March, the US Federal Reserve’s hawkish monetary policy and high interest rates continue to bolster the dollar, capping any immediate recovery for gold both locally and internationally.