Gold Prices Today: Check Latest Rates in Egypt

The price of a 2g quarter pound of gold in Egypt Sunday recorded 8,100 pounds without adding the workmanship.

Ehab Wassef, head of the Jewelry & Precious Metals Industry and Mining Division of Egypt revealed that the price of an ounce of gold witnessed a noticeable decline during the past week, as it decreased by $81, with a decrease rate of 2.7%.

Gold prices in Egypt:

24 karat  4629 pounds.

21 karat  4050 pounds.

18 karat  3741 pounds.

14 karat  2700 pounds.

8g Gold Coin 32.400 pounds.

31g Ounce: $2.975.

Wassef indicated, during the weekly report issued by the Metals Division to monitor the movement of gold globally and locally, that this decline is the largest since November 2024, as it comes after 8 consecutive weeks of continuous increases during which gold recorded record levels.

The head of the Gold Division explained that the main reason behind this decline is the rise in the US dollar, which ended three consecutive weeks of declines, indicating that the strength of the dollar negatively affected the price of gold, as the relationship between them is inverse, as the higher the dollar, the lower the price of gold, and vice versa.

He also pointed out that gold achieved its highest historical peak last week at $2,956 per ounce, which is an indication of the beginning of a decline phase for profit-taking by investors who benefited from the successive increases during the past weeks.

Regarding the performance of gold in Egypt, He explained that the price of gold decreased by about 100 pounds, recording a decline rate of 2.3%, noting that the price of gold in Egypt has become more linked to fluctuations in the global stock market, especially in light of the stability of the dollar exchange rate against the Egyptian pound, which makes the local market more sensitive to global changes.

He added that gold in Egypt recorded this decline after a month and a half of continuous gains, as it had witnessed a gradual rise during the past period, and with this decline, Wassef expects that gold in Egypt aims to gather new upward momentum during the coming period, as it may rise again to target levels of 4,100 pounds per gram.

Wassef expected that global markets would witness more fluctuations in the coming period, especially with the continued impact of global economic factors, such as the movements of the US dollar, interest rates, and geopolitical tensions.