Gold Prices Fall in Egypt on First Day of Eid Al-Adha as 21-Carat Gold Drops to EGP 6,790
Gold prices declined in Egypt at the start of Eid Al-Adha holiday trading, with 21-carat gold — the country’s most widely traded benchmark — falling by EGP 5 to record EGP 6,790 per gram amid weaker global prices and subdued local demand.
Market sources said the decline comes as international gold prices witnessed renewed pressure during holiday trading, while local markets experienced relatively calm buying activity during the Eid vacation period.
According to the latest market updates, 24-carat gold recorded around EGP 7,760 per gram, while 18-carat gold dropped to nearly EGP 5,820. The gold pound also fell to approximately EGP 54,320, although prices may vary slightly between traders depending on workmanship and market fluctuations.
Traders noted that gold prices in Egypt continue to be influenced by movements in global bullion markets, exchange rate fluctuations, and local demand patterns, especially during seasonal periods such as Eid holidays.
Global gold prices also remained volatile amid investor anticipation surrounding interest rate expectations, inflation indicators, and geopolitical developments affecting safe-haven assets worldwide.
Despite the recent decline, analysts say gold continues to maintain its position as one of the preferred savings and hedging instruments among Egyptian consumers, particularly during periods of economic uncertainty and currency fluctuations.