Gold prices in Egypt's local market saw strong gains in January, rising by about EGP 995, despite sharp drops in the month's final days. According to a report from online trading platform iSagha, 21-carat gold started at EGP 5,830 per gram, hit a record high, and ended at EGP 6,825. Globally, gold surged 13.4% over the same period.
Online gold and jewelry trading platform iSagha released a report showing that gold prices in Egypt's local market achieved significant increases in January, even as they fell sharply toward the month's end. Saied Embaby, the platform's chief executive, noted that 21-carat gold began trading at EGP 5,830 per gram, peaked at EGP 7,550, and closed at EGP 6,825.
By month's end, 24-carat gold stood at about EGP 7,800 per gram, 18-carat at EGP 5,850, and the gold pound at roughly EGP 54,600. On the global stage, the ounce rose from $4,318 at the start of January to a high of $5,605, before settling at $4,895—a gain of $577, or 13.4%.
The local market experienced its biggest single-day drop ever last Friday, with prices falling nearly EGP 600 per gram, mirroring a global plunge of over $510 per ounce. Embaby attributed local prices exceeding global levels by up to EGP 405 to the rapid pace of international fluctuations and robust demand, which some traders struggle to track in real time. He assured that the platform would publicly address any unjustified pricing discrepancies.
Gold's market faces no raw material shortages, but demand outstrips factory production capacity, adding pressure. Silver, however, grapples with both supply shortages and an inability to meet rising needs, heightening its volatility. Embaby emphasized that recent sharp declines do not mark the end of the bullish trend; he anticipates renewed gains after a brief stabilization and advised buyers at peak prices to hold their assets to recoup losses, with positive outlooks persisting through year-end.