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Egypt gold prices drop 220 pounds in September
Gold prices in Egypt declined by 3.5% in September 2026, while the global ounce dropped by approximately 6.7% due to a rising dollar, US Treasury bond yields, and expectations of tightening monetary policy. The price of a 21-karat gold gram fell from 6,330 to 6,110 Egyptian pounds, and the per-unit gold pound lost around 1,760 pounds. The relatively strong dollar supported local prices despite the decline in the ounce. Data shows that gold gains since the beginning of 2026 have reached about 4.8%, whereas the ounce decreased by 3.8% over the first nine months of the year. Gold prices are affected by movements in US interest rates, which rose the Federal Reserve's rate to 3.75%-4%, increasing the cost of holding a non-yielding asset. Meanwhile, geopolitical tensions and economic factors such as oil prices and yields continue to influence the market.
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