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Egypt Gold Prices Rise 11.5% Since August
Since the beginning of August, the Egyptian market has experienced a significant rise in gold prices, with the 21-karat gold increasing by 11.5%, translating to a gain of approximately 680 Egyptian pounds per gram. This surge is attributed to the global rise in gold prices and the decline of the US dollar against the Egyptian pound. Since the start of 2026, gold has gained 13.5% in the Egyptian market, with the ounce price rising by 13.8% this month alone and 5.2% over the past week, reaching its highest level since May at $4,632. An 8% decline in the US dollar has boosted gold's appeal as a safe haven, while the 1.3% appreciation of the local currency against the dollar and the inflation rate reaching 14.9% in July have increased demand for gold as a hedge. Market watchers are also closely monitoring the US monetary policy trajectory and its potential impact on future gold prices.
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