Egyptian Gold Prices Diverge from Global Rally as Strengthening Pound Drives 1.4% Weekly Drop
In a rare decoupling from international trends, gold prices in Egypt closed the week lower despite a significant surge in global spot prices. Between April 11 and April 18, the benchmark 21-karat gold dropped by 100 EGP, ending the week at 7,060 EGP per gram. According to an "iSagha" technical report, this 1.4% decline was triggered by a 2.5% appreciation of the Egyptian Pound against the US Dollar, which effectively neutralized the impact of rising global gold costs.
While the local market cooled, global bullion prices climbed from $4,740 to $4,832 per ounce, driven by a weakening US Dollar Index and stable US interest rates (3.5%–3.75%). Eng. Saeed Imbaby, CEO of iSagha, noted that the Egyptian market displayed "disciplined responsiveness" to domestic economic shifts. He highlighted that as long as the EGP continues its upward trajectory, local gold is expected to trade in a horizontal range with a slight bearish tilt in the short term, providing a potential entry point for domestic buyers.
