Gold Prices Surge, 21-Karat Gold Reaches EGP 3,600

Gold prices in Egypt surged on Saturday, coinciding with the global market’s weekend closure. This uptick follows a 1.1% rise in global gold prices on Friday, driven by U.S. inflation data that bolstered the likelihood of further interest rate cuts this year. The heightened demand for gold as a safe-haven asset due to ongoing geopolitical tensions also supported the price increase.

Saeed Embabi, CEO of "iSagha," an online platform for trading gold and jewelry, reported that gold prices in Egypt rose by EGP 5 during Saturday’s trading. The price of 21-karat gold—the most commonly traded in Egypt—reached EGP 3,600 per gram. Meanwhile, the global price of gold closed at $2,657 per ounce, achieving a weekly gain of $1, or 0.2%.

Friday’s rise in gold prices was significant, with the global market showing a 1.1% increase after reaching a low of $1,604 per ounce earlier in the week. This rally helped gold erase its weekly losses. Embabi also noted that 24-karat gold now sells for EGP 4,114 per gram, 18-karat gold is priced at EGP 3,086, and 14-karat gold at EGP 2,400. The price of a gold pound (an 8-gram gold coin) reached EGP 28,800.