The Gold and Precious Metals Division at the Federation of Egyptian Industries announced that gold prices in the local market recorded strong gains over the past week, supported by a historic surge in global gold prices and the relative stability of the US dollar exchange rate against the Egyptian pound.
Gold prices in the Egyptian market saw a notable increase over the past week, rising by EGP 265 per gram for 21-karat gold, according to data from the Gold and Precious Metals Division at the Federation of Egyptian Industries. Ehab Wassef, head of the division, explained that the price climbed 4.59%, starting the week at EGP 5,775 per gram and closing at EGP 6,040, with a weekly low of EGP 5,775 and high of EGP 6,040.
Wassef attributed the sharp local rise to a historic rally in global gold prices, which has become the dominant pricing factor in Egypt amid stable dollar exchange rates and no major currency fluctuations. Global gold prices continued upward for the third straight week, bolstered by heightened demand for safe-haven assets due to escalating geopolitical tensions and a weakening US dollar, effects that directly mirrored in the domestic market.
Internationally, gold advanced 4.5% last week, hitting a record high of $4,550 per ounce, opening at $4,340 and closing at $4,533. Wassef noted that prices broke through the key $4,500 psychological level with strong momentum, despite overbought conditions, now aiming for resistance at $4,550.
Locally, 21-karat gold has stabilized above EGP 6,000 per gram after surpassing it in the last two days, backed by solid buying interest, with potential to test EGP 6,050 soon. Wassef confirmed that geopolitical tensions drove the performance, particularly rising US-Venezuela disputes and American pressure on Venezuelan oil exports, raising fears of supply disruptions and regional instability that spurred investor demand for gold as a safe haven.