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Gold loses streak extends to seven weeks
Global gold prices declined on Wednesday, July 1, 2026, with the ounce reaching $4,068, reflecting the continuation of the downward trend in the international market. In Egypt, the precious metal's losses persisted for the seventh consecutive week, erasing all gains since the beginning of the year — marking its first annual decline since 2026 started. Over the past week, the price of a 21-carat gram dropped by 4.88%, falling to its lowest level since December 2025 at 5,620 Egyptian pounds. Breaking the psychological support level of 6,000 pounds intensified the decline before the price rebounded and settled above 5,700 pounds at the close.
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