Gold Prices Surge in Egypt on August 9 Following Global Rally; Spot Gold Hits $4,342
Gold prices in the Egyptian domestic market recorded a fresh surge at the opening of trading on Sunday, August 9, 2026, closely tracking a major rally in international bullion markets.
Globally, the yellow metal registered its largest weekly gain since January, buoyed by easing inflation concerns following a peace agreement in the Middle East. This development lowered expectations of further U.S. interest rate hikes, while investors remain focused on upcoming U.S. non-farm payrolls data.
Local Gold Prices in Egypt Today
Gold prices in Egypt vary from one jewelry shop to another based on location and making charges (workmanship fees). According to data from the iSagha platform, average prices today—excluding making charges—are as follows:
Gold CategorySelling Price (EGP)Buying Price (EGP)
24-Carat Gold (per gram)6,994.206,920.00
21-Carat Gold (per gram)6,120.006,055.00
18-Carat Gold (per gram)5,245.705,190.00
Gold Pound48,960.0048,440.00
Global Bullion Market Surge
Spot gold climbed 2.43% to $4,342.41 per ounce, after surging over 3% earlier in the session to hit its highest level since June 17. Spot gold capped a weekly gain of 7.39%, marking its best weekly performance since January 19.
U.S. gold futures settled up 2.3% at $4,399.70 per ounce, posting a weekly gain of 7.13%.
PBOC Gold Purchases Accelerate
Adding structural momentum to the market, the People’s Bank of China (PBOC) officially added 20 tons of gold to its reserves in July—its largest single-month purchase since October 2023. This follows additions of 15 tons in June and 10 tons in May, marking China's 21st consecutive month of official reserve expansion.
According to data from the World Gold Council, China has officially increased its gold reserves by 60 tons year-to-date, bringing its total stockpile to a record high of 2,366 tons.