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Gold in Egypt may drop by 150 pounds
Reports have indicated that gold prices in Egypt remained stable during Saturday, June 6, 2026, following a sharp decline in global markets. The price of a 21-karat gram stood at approximately 6,475 pounds, with no change. However, forecasts suggest that local gold prices may decline by about 100 to 150 pounds if strong U.S. economic data and expectations of interest rate hikes continue. Local prices are more closely linked to global market movements and the USD exchange rate, with a price gap of 165 pounds per gram between the current market price and the fair value. Worldwide markets faced significant pressure, with the ounce falling to its lowest levels in months, after U.S. employment data showed an increase of 172,000 jobs in May, reinforcing expectations of continued monetary tightening and U.S. interest rate increases.
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