Factories Association Reports 4.6% Rise in Egypt Gold Prices Since 2026
Gold prices in the Egyptian market have increased by 4.6% since the beginning of 2026, approximately 270 Egyptian pounds per gram, reaching 6,095 pounds after hitting a seven-week high of 6,100 pounds. The rise is mainly attributed to the global surge in the price of an ounce of gold, which increased by 7.3% over the week, driven by the dollar's decline against other currencies and changing interest rate expectations. However, the appreciation of the Egyptian pound against the dollar, which fell by 2.7%, helped limit the local price increase. Additionally, the rise in foreign exchange reserves to $56.29 billion in July reflects a stable foreign exchange market, impacting gold import costs and alleviating upward price pressures.
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