Gold prices in the local market recorded a notable increase during last week’s trading, rising by approximately 3.2%, while the global ounce increased by nearly 4%. This came amid sharp volatility in global markets driven by geopolitical developments and U.S. economic data, which pushed gold into a strong rally followed by a rapid correction before the end of the week, according to the weekly report issued by the Marsad El Dahab for Economic Studies.
Gold prices in the local market rose by about EGP 225 in a Week, with 21-karat gold opening at EGP 6,925 per gram and closing at EGP 7,150 per gram.
Meanwhile, 24-karat gold recorded around EGP 7,914 per gram, 18-karat reached EGP 5,936, while the gold pound stood at approximately EGP 55,400.
The report added that the gap between local and global prices completely disappeared by the end of the week, after approaching EGP 300 at the beginning of trading. This was mainly due to weaker local demand alongside relative stability in the exchange rate, with the U.S. dollar exceeding EGP 54.50 at the beginning of the week.
Globally, gold rose by about $182 in a Week،, opening at $4,494 per ounce and closing at $4,676 per ounce.
Gold had previously declined in March by 3% in the local market (EGP 235), while the global ounce fell by $611, or 11.5%.
Despite the recent gains, gold remains about 17% below its all-time high recorded on January 29.
Silver Prices Rise Locally and Globally
Silver prices in the local market increased by about EGP 5 during the week, representing a rise of 3.8%. The 999 silver gram opened at EGP 130 and closed at EGP 135.
Silver 925 recorded around EGP 125 per gram, 800-grade silver reached EGP 108, while the silver pound stood at approximately EGP 1,000.
Globally, silver gained about $3, rising 4.3% from $70 to $73 per ounce.
Silver had previously declined sharply in March, falling 19.7% locally (EGP 34) and 20% globally (around $18.8).
Since the beginning of 2026, silver has witnessed extreme volatility, reaching a peak of $121.62 per ounce on January 29 before plunging to $64 on February 6, marking one of the fastest price corrections in market history.
A Highly Volatile Week in the Global Gold Market
Global markets experienced a turbulent week dominated by geopolitical developments and U.S. economic data.
Gold started the week on a strong upward trend, supported by market expectations that tensions in the Middle East might ease sooner than expected. This led to a repricing of geopolitical risks and boosted demand for gold as a safe-haven asset, pushing prices from around $4,494 at the beginning of the week to nearly $4,790 by Wednesday evening, approaching the key resistance level of $4,800 per ounce.
However, the rally did not last long. Statements from the White House confirming the continuation of military operations triggered a sudden shift in market sentiment. The U.S. dollar strengthened significantly, equities declined, and gold faced heavy selling pressure, dropping nearly $200 within a short period, one of the fastest corrections during the week, before stabilizing without fully recovering its losses.
Strong U.S. Jobs Data Weighs on Gold
Gold faced additional pressure after the release of stronger-than-expected U.S. March employment data, which reinforced expectations that interest rates will remain higher for longer.
Higher interest rates typically weigh on gold because they increase the attractiveness of the U.S. dollar and bonds compared to gold, which does not generate yield.
The report noted that gold is currently moving between two opposing forces: geopolitical tensions, rising oil prices, and global economic uncertainty continue to support safe-haven demand, while a stronger dollar and higher U.S. Treasury yields are limiting further gains.
Investors are closely monitoring developments related to Iran, as any escalation could push gold prices higher again, while easing tensions may lead to profit-taking in the market.
Gold Price Outlook
The report indicated that gold remains supported over the medium and long term by geopolitical tensions, rising global debt levels, inflation risks, and continued central bank gold purchases.
Gold prices are expected to remain elevated throughout April 2026, with major financial institutions such as JPMorgan and Goldman Sachs forecasting a trading range between $4,000 and $6,300 per ounce, supported by ongoing central bank purchases and persistent global uncertainty.
According to the World Gold Council, net central bank gold purchases reached around 19 tonnes in February 2026. Poland led purchases, along with continued buying from China, Uzbekistan, the Czech Republic, and Malaysia, while Turkey and Russia temporarily reduced reserves to manage liquidity. A new trend also emerged, with some African central banks purchasing domestically produced gold to strengthen reserves and reduce exposure to global markets.
Data from CME Group indicates that the probability of an interest rate cut in April remains very low, which may limit gold’s upside in the short term. However, geopolitical tensions and rising oil prices continue to provide strong underlying support for gold.
Markets are also awaiting several key economic indicators next week, including the Services PMI, durable goods orders, Federal Reserve meeting minutes, Personal Consumption Expenditures (PCE), and the Consumer Price Index (CPI), all of which are expected to have a direct impact on interest rate expectations and gold price movements.
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