Gold Prices Continue to Fall in Egypt as 21-Karat Loses EGP10
Gold prices in Egypt extended their downward trend on Friday, with 21-karat gold — the most widely traded in the local market — shedding EGP10 per gram amid weaker global bullion prices and a decline in the U.S. dollar.
According to officials from the Gold Division at the Federation of Egyptian Chambers of Commerce, the latest decline was primarily driven by lower international gold prices, coupled with the easing of the dollar exchange rate, which directly affects local pricing.
The correction in Egypt's gold market mirrors movements in global bullion markets, where spot gold came under pressure from a stronger U.S. dollar and hawkish signals from the Federal Reserve, putting the precious metal on track for a third consecutive weekly decline.
Recent data also show a continued decline in gold prices in Egypt, with the price of 21-karat gold falling below EGP5,850 per gram in line with international market movements.
Market participants said gold prices remain highly sensitive to fluctuations in the global ounce price and the exchange rate of the Egyptian pound against the dollar, noting that any renewed geopolitical tensions or changes in U.S. monetary policy could quickly reverse the current trend.
Despite the recent losses, analysts believe gold continues to benefit from its status as a safe-haven asset over the long term, although short-term price movements are expected to remain volatile amid uncertainty surrounding interest rates and the global economic outlook.