Egyptian gold prices fall 105 pounds weekly
Gold prices in Egypt experienced a decline of approximately 105 Egyptian pounds over the course of a week, with the price of a 21-karat gram dropping from 6,235 to 6,130 pounds. Globally, the ounce fell by 3.4% to $4,141. This decline was driven by rising U.S. bond yields and a strong dollar, despite weaker U.S. employment and inflation data that diminished expectations of an interest rate hike, thereby limiting the local gold's losses. The market was also affected by exchange rate fluctuations, as the dollar strengthened against the Egyptian pound by 0.94%, which partially offset the overall decline in gold prices within the Egyptian market. Bank experts forecast continued pressure on gold prices into the last quarter of 2026, with potential for a recovery as economic pressures ease and central banks increase demand at lower price levels.
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