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Gold nears record highs in Egypt
Gold prices in Egypt reached new record levels in August 2026, supported by the global ounce price rising to $4,595.94 and continued strength of the US dollar. The price of 24-karat gold per gram was approximately 7,514.25 Egyptian pounds, while the more widely traded 21-karat gold reached 6,575 pounds. The total value of the gold pound was 52,600 pounds. This increase reflects gold's ongoing gains for the third consecutive week, amounting to a 4% rise, or 250 pounds per gram. Meanwhile, the dollar's exchange rate climbed to 51 pounds, despite foreign capital inflows totaling $421.1 million during the week. Additionally, the stability of interest rates at 19% for deposits and 20% for lending by the Central Bank, along with the drop in oil prices to $95 per barrel, contribute to supporting gold prices and maintaining local financial stability.
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