Sunday 29/March/2026 – 10:47 AM
Ihab Wassef, head of the Gold Division, said: Gold market Egypt witnessed notable movements over the past week, influenced by local and global factors, most notably exchange rate movements and fluctuations in global gold prices.
The yellow metal fell 2% within a week and demand declined
Wassef explained, according to the weekly report of the Gold and Precious Metals Division, that the price of 21 carat gold recorded a decline of 2% during the past week, as trading opened at the level of 7,000 pounds per gram, before falling to the lowest level at 6,670 pounds per gram, then it recovered again to close at 6,860 pounds per gram.
He added that the rise in the exchange rate of the dollar against the pound, near 53 pounds, contributed to supporting the pricing of gold in goldsmiths, and helped prices partially recover despite the negative pressures resulting from the decline in global gold, which reflects the continued connection of the local market to external variables in addition to the dollar price factor.
The head of the division pointed out that the Egyptian economy has shown a degree of cohesion during the recent period, pointing out that the International Monetary Fund’s statements confirmed that the impact of the war on the economy is still limited so far, supported by the proactive measures taken by the government, most notably the flexibility of the exchange rate, which helped absorb shocks without affecting the monetary reserve.
He stressed that the return of foreign investments into Egyptian debt instruments contributed to the stability of the exchange market and prevented a significant decline in the value of the pound, which in turn was reflected in relative stability in the gold market.
He also pointed out that remittances from Egyptians working abroad recorded a noticeable increase during the first 7 months of the current fiscal year by 28.4% on an annual basis to reach $25.6 billion, while they rose during the month of January by 21% to record $3.5 billion, which supports foreign exchange resources, which supports the pound in the medium term.
Regarding global markets, Wassef explained that global gold witnessed significant fluctuation during the past week, in light of developments in the geopolitical situation and changes related to interest rate expectations and inflation rates, with an ounce closing at $4,493.
He added that gold recorded a decline for the second week in a row in Egypt, affected by the decline in global prices and weak demand during the current period, noting that the yellow metal recorded a decline for 4 consecutive weeks since the beginning of March, before witnessing a limited rebound during the end of the last week and closing near the opening levels.
He stressed that breaking the level of 7,000 pounds per gram was a point of psychological pressure on the market, as it led to an acceleration of the pace of decline until 6,670 pounds, before prices returned to relative stability around the level of 6,850 pounds per gram.
He stressed that the coming period will remain dependent on global market movements and the exchange rate, with investors awaiting any changes in global monetary policy and geopolitical developments, especially the policy of the US Federal Reserve.
