Significant Loss for Gold Prices in Egypt

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Gold prices in Egypt experienced strong movements during the current month of September, ending with a decline in gold prices both locally and globally, coinciding with noticeable changes in the factors affecting precious metal markets, primarily the movement of the dollar, U.S. Treasury yields, monetary policy expectations, along with geopolitical developments and energy prices.

The price of 21-carat gold, which is the most traded in the Egyptian market, fell from 6325 Egyptian pounds per gram at the end of August to about 6130 Egyptian pounds at the end of the current September, losing 195 Egyptian pounds over one month, with a percentage decrease of about 3.08%.

Globally, the price of an ounce of gold dropped from 4449.61 dollars at the end of August to 4180.96 dollars at the end of September, with a loss of 268.65 dollars, and a percentage decline of about 6.04%, according to data from the "iSaqa" platform specialized in trading and pricing gold and jewelry.

Although the global decline in gold during the current September was greater than the drop in prices in the Egyptian market, the rise in the exchange rate of the dollar against the pound helped limit the transfer of global losses to the local market at the same rate.

According to the "iSaqa" report, the price of the dollar in Egypt rose from about 50.87 pounds at the end of August to 52.17 pounds at the end of September, an increase of 1.30 pounds, or about 2.55%.

Saeed Imbabi, the executive director of the "iSaqa" platform, stated that the performance of gold during September 2026 confirms that the reading of the Egyptian market cannot rely solely on the movement of the global ounce, explaining that the final price of gold in the local market is affected by a set of factors, foremost among them the exchange rate of the dollar against the pound, in addition to supply and demand levels and the movement of buying and selling.

He added that this difference between the global and local decline rates reflects the direct impact of the dollar exchange rate on gold pricing in the Egyptian market, as the rise of the dollar against the pound limits the reflection of the global decline in the ounce price on the local price.