Gold prices fall sharply in Egypt as global markets retreat from record highs

Gold prices in the Egyptian market fell sharply on Saturday as global rates retreated from record highs following the nomination of Kevin Warsh as the next US Federal Reserve Chair.

The price of 21-carat gold, the local benchmark, dropped by approximately EGP 80 on Friday to reach EGP 6,670 per gram. This followed a volatile week where local prices opened at EGP 7,350 and closed at EGP 6,750, representing a weekly loss of roughly EGP 600 per gram, according to data from iSagha, a platform specialising in gold and jewellery.

The downturn in Egypt mirrored a significant correction in international markets, where the gold ounce fell approximately $93 on Friday to close at $4,895. Earlier in the week, global gold had hit an all-time high of $5,602 per ounce. Despite the late-month sell-off, global gold recorded monthly gains of 13.4% for January.

Saeed Embaby, Chief Executive of iSagha, reported that the 24-carat gram reached EGP 7,623, while 18-carat gold stood at EGP 5,717 and the gold pound was priced near EGP 53,360.

Embaby noted that local gold had previously been priced between EGP 300 and EGP 500 above global rates. While the market was permitted time to adjust, rapid global fluctuations and high demand complicated immediate price alignment.