Global gold prices have swung sharply in recent days, driving volatility in Egypt’s local market, with traders expecting prices to rise again early next week after a bout of profit-taking.
Gold ounce futures climbed on Jan. 23 above the $5,000 level before retreating below that threshold on Jan. 30, recording the metal’s sharpest one-day drop since 1983. Prices were trading around $4,900 level on Tuesday.
Traders attributed the decline in part to US President Donald Trump’s nomination of Kevin Warsh as chair of the Federal Reserve. Warsh is widely seen as favoring tighter monetary policy, which increases the appeal of the dollar compared with gold.
Locally, the price of 21-karat gold fell to 6,174 pounds on Monday, down over 250 pounds from the previous day. The price is rising again today in line with the global trend, reaching 6,475 pounds at midday.
Saied Embaby, the executive director of the iSagha platform, told Al Manassa that the local decline reflected the drop in global prices as well as profit-taking.
Gold rose during 2025 by about 70%, but that rise was driven by global political tensions, and the intensity of those tensions has eased during the current year, Embaby explained.
For his part, Nady Naguib, the former secretary of the Gold Division, said in comments to Al Manassa that Egypt’s local gold market is almost separate from the global market at the moment, and is mainly influenced by local factors, expecting gold prices in Egypt to rise gradually starting next week after profit-taking ends, stressing, “This is a very suitable time to buy gold.”
