Gold prices in the local Egyptian market held steady on Saturday, coinciding with the weekend closure of global exchanges, after the metal posted a 1% weekly gain in Friday’s trading. The move came amid heightened price volatility in recent days, following the U.S. administration’s announcement of tariffs on gold bullion — a decision it later retracted.
In Saturday’s session, the benchmark 21-karat gold was priced at EGP 4,615 per gram, while the international ounce closed the week up $34, settling at $3,397. The 24-karat gram stood at EGP 5,274, 18-karat at EGP 3,956, and 14-karat at EGP 3,077, while the gold pound coin was valued at EGP 36,920.
Friday’s trading saw limited movement, with 21-karat opening at EGP 4,615, touching EGP 4,620, and closing back at EGP 4,615. Globally, spot gold prices ranged between $3,380 and $3,400 per ounce before ending at $3,397. Market observers note that uncertainty over the U.S. position on tariffs for Swiss gold bars remains a key driver for sentiment, with any developments likely to ripple quickly through local prices.
On the global stage, gold markets were jolted after the U.S. Customs and Border Protection (CBP), in a letter dated July 31, revealed that imports of one-kilogram and 100-ounce gold bars would not be exempt from tariffs, making them subject to a 39% duty on imports from Switzerland — the world’s largest gold refining hub. The announcement shocked traders and threatened to disrupt supply chains critical to the global bullion market.
The tariffs, potentially impacting $24 billion worth of Swiss gold exports to the U.S., prompted some Swiss refineries to halt or reduce shipments temporarily. Although the White House later dismissed the reports as “misinformation” and pledged to issue an executive order to clarify the situation, market anxiety persisted.
New York gold futures surged past $3,500 an ounce to a record high before retreating to close at $3,497, while London prices remained largely unchanged — widening the premium for U.S.-based gold. Analysts warn that sustained tariffs could redraw the global bullion flow map and reduce the appeal of New York’s COMEX for international investors.
The announcement marked an unexpected turn for markets, which had been hoping to avoid the logistical complications of import duties. Gold, a traditional safe haven in times of uncertainty, has risen 31% so far this year as investors seek protection amid trade and geopolitical tensions.
Analysts caution that while tariffs could push prices higher, they would also burden the supply chains underpinning the market. High-purity gold bullion is essential for settling futures contracts on COMEX, which relies heavily on imports from Switzerland.
Christoph Wild, president of the Swiss Association of Precious Metals Manufacturers and Traders, voiced “serious concern” over the impact of the tariffs on the gold industry and the physical trade between Switzerland and the U.S., calling the measure “a fresh blow” to longstanding trade ties. The CBP confirmed that one-kilogram and 100-ounce gold bars are not exempt from tariffs on Swiss imports, a stance echoed by the Swiss Precious Metals Association, which has previously warned that such duties could “adversely affect the international flow of physical gold.”
The association also stressed that the rule applies not only to Switzerland but to all gold bars of those weights imported into the U.S. from any country, warning that it could hinder the market’s ability to meet growing global demand for the metal.
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