Gold Prices Stabilize in Egypt Today Amid Sharp Global Decline and Inflation Fears
Gold prices in the Egyptian domestic market stabilized today, Saturday, October 31, 2026, coinciding with a pause in the sharp downward trend that hit global markets. This local stability follows a 3% drop in global ounce prices to $3,914, approaching its lowest levels since October 2025 under intense selling pressure driven by surging oil prices and renewed inflation fears.
Gold Prices Today, Saturday, in Egypt
According to the latest updates from gold markets in Egypt, prices across different karats are as follows:
24-Karat Gold: EGP 7,148 per gram.
21-Karat Gold (Most Traded): EGP 6,255 per gram.
18-Karat Gold: EGP 5,361 per gram.
Gold Pound: EGP 50,040.
Reasons Behind the Global Gold Price Decline
An analysis by "Gold Billion" indicated that the significant surge in oil prices—surpassing $118 per barrel with an increase of nearly 15% during October—has brought inflation fears back to the forefront. Consequently, this reinforced market expectations that the US Federal Reserve will maintain a tight monetary policy, increasing the likelihood of an interest rate hike during its upcoming December meeting, especially following data showing strong US economic growth alongside persistent price pressures.
How Interest Rates and Oil Prices Affected the Precious Metal
Higher interest rates reduce the appeal of gold as a safe haven due to the increased opportunity cost of holding non-yielding assets compared to government bonds and high-yield savings accounts. Additionally, some investors sold off gold holdings to secure liquidity and cover losses in stock markets.
Global markets closely monitor upcoming Federal Reserve decisions, oil price developments, and US inflation trends to determine the future trajectory of gold prices.