Gold prices in Egypt hit a record 5,850 Egyptian pounds per gram last week for 21-karat gold, and traders say the metal is on track to surpass 6,000 pounds before year’s end. That marks a 2,000-pound jump since January—the sharpest increase in years, driven by global market shifts and a weakening local currency.
On the global front, gold prices surged by $237 last week, hitting a historic high of $4,380 per ounce before retreating slightly to $4,249 on Sunday.
Saied Embaby, executive director of the iSagha online gold trading platform, told Al Manassa this bullish momentum could drive international prices to between $4,500 and $4,800 per ounce before year-end, especially if the US dollar weakens further or a financial crisis erupts.
“This trajectory will inevitably impact the local market,” Embaby said. “If the Egyptian pound continues to slide, and gold retains its status as a safe haven, 21-karat prices could hit between 6,000 and 6,500 pounds per gram by December.”
He noted that 2026 may witness continued gains, though likely at a slower pace—unless central banks sharply revise their policies or geopolitical flashpoints, including escalating tensions between the United States and China, trigger another rally.
Trade friction is rising between Beijing and Donald Trump's administration. Reports indicate Microsoft plans to shift most of its hardware production, including Surface devices and data center servers, out of China starting next year.
Hany Milad, head of the General Division for Gold and Jewelry at the Federation of Egyptian Chambers of Commerce, described the local market as experiencing volatility on an unprecedented scale, with prices sometimes swinging by hundreds of pounds within hours.
“We’re in an exceptional period. Prices can jump 100 pounds in one day and fall by the same amount the next,” Milad told Al Manassa. “Last week, gold spiked $130 in a single session.”
Milad explained that some traders are temporarily hiking retail prices above market rates to hedge against extreme fluctuations and disruptions in international trading.
“They’re trying to avoid losses by adding a buffer to sale prices. That said, not all traders follow this approach—we shouldn't generalize,” he added.
He noted that market activity remains dynamic, with buying and selling driven by region-specific factors. Some investors are liquidating assets to lock in profits, while others continue purchasing gold for savings.
Milad advised Egyptians to resist panic selling during the current volatility. “If you're buying for long-term security, gold is still your safest hedge. But short-term speculation right now is risky—we advise against it.”
Eid Youssef, head of the Gold Division at the Menoufiya Chamber of Commerce, said the 6,000-pound threshold for 21-karat gold is well within reach. He noted that a temporary dip in global demand followed remarks by Trump suggesting that current US tariffs are unsustainable.
“Talks of a potential deal between Washington and Beijing could cool gold markets temporarily,” Youssef told Al Manassa. “But unless global economic fundamentals shift, the upward pressure on prices will persist.”
