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Gold prices in Egypt witnessed fresh movements as subdued pricing activity in the domestic market coincided with a decline in international gold prices. However, the recent appreciation of the US dollar against the Egyptian pound helped offset part of the downward pressure on local prices.

Latest Gold Prices in Egypt

The price of 24-karat gold stood at EGP 7,029 per gram, while 21-karat gold, a key benchmark in the Egyptian market, recorded EGP 6,150 per gram.

Meanwhile, 18-karat gold was priced at EGP 5,271 per gram, and 14-karat gold reached EGP 4,100 per gram.

The gold pound recorded EGP 49,200.

Dollar Gains Provide Support for Local Gold

The recent rise in the US dollar against the Egyptian pound has helped reduce the impact of falling international gold prices on the domestic market.

Over the past week, the exchange rate increased by around 50 piasters, or approximately 1%, to settle above EGP 52.

Because the dollar exchange rate plays a direct role in determining gold prices in Egypt, the appreciation of the US currency has provided some support to local bullion prices despite weakness in the global market.

21-Karat Gold Trades Near Key Support Level

Attention in the Egyptian market is now focused on upcoming movements in both international gold prices and the US dollar exchange rate, which remain two of the main factors influencing local gold pricing.

The price of 21-karat gold is currently hovering near the EGP 6,100-per-gram support level.

Other gold karats in Egypt continue to move in line with changes in the price of 21-karat gold, while the market also monitors supply and demand conditions across the local jewelry sector.