The local gold market in Egypt witnessed tangible developments during the past week, as prices fell by more than 200 pounds, reflecting a natural correction movement after the record highs witnessed by the precious metal in the previous months. Ihab Wassef, Head of the Gold and Precious Metals Division, indicated that the market is still in a safe range due to the balance of supply and demand, which raises concerns about the potential increase in domestic consumption.
The price of gold today reached 6,114 pounds for 24 karat, while 21 karat recorded 5,350 pounds, while 18 karat reached 4,586 pounds, and as for the gold pound, it returned to record a price of 42,800 pounds. Wassef attributed this decline to a 3.6% decrease in prices last week, which is an indication of the beginning of the correction after the large rises that affected the market.
Global markets put pressure on local prices, as they witnessed a continuous decline as a result of the decline in the global weight of gold and the gradual decline in the exchange rate of the dollar against the Egyptian pound. Despite this, analysts view that period as a positive opportunity to analyze future price movements, as last week closed above the level of $4,000 per ounce.
World Gold Council data also showed a decline in Egyptians’ purchases of gold to 9.9 tons, with a decline of 14% compared to the second quarter of 2025. This decline was attributed to consumers’ anticipation due to sudden fluctuations in prices, which reflects cautious investment behavior characterized by careful monitoring.
At the same time, various regions of the Middle East are warning of a decline in sales of gold jewelry, which has led to the resale of old jewelry as a means to benefit from high prices. Hopes for stability remain in light of expectations that prices will return to the rise if the ounce is maintained above the level of $4,000, with confirmation of a strong support position at 5,300 pounds for the precious metal in the local market.
