Gold Prices Rise in Egypt as 21-Karat Reaches EGP 6,250 per Gram
Gold prices moved higher in Egypt at the end of Tuesday’s trading, with the price of 21-karat gold rising by EGP 15 to EGP 6,250 per gram, as movements in international bullion prices combined with a stronger US dollar against the Egyptian pound.
The increase came as international gold traded around $4,292 per ounce, while the dollar moved above EGP 52 in the local market, adding upward pressure to domestic bullion prices.
Gold pound reaches EGP 50,000
The price of an Egyptian gold pound, which contains eight grams of 21-karat gold, reached EGP 50,000, putting the closely watched investment product at a major psychological price level.
Latest market quotations also put 24-karat gold at around EGP 7,142 per gram, while 18-karat gold traded at approximately EGP 5,357.
Prices quoted in the local market generally exclude workmanship and other charges applied to finished jewelry, meaning the final price paid by consumers can vary between retailers and products.
Dollar adds another variable for Egyptian gold buyers
Gold prices in Egypt do not move solely in line with the international bullion market.
The exchange rate is also a major component of local pricing because global gold is denominated in US dollars. This means movements in the pound can amplify or offset changes in international prices.
The latest rise therefore came as two factors moved simultaneously: international gold remained above $4,200 an ounce while the dollar strengthened against the Egyptian currency.
That combination keeps domestic gold prices sensitive to both global market developments and movements in Egypt’s foreign exchange market.
For Egyptian buyers, the EGP 50,000 gold pound provides another indication of how sharply the nominal value of physical gold has increased, reinforcing its position as one of the most closely followed savings and investment assets in the local market.