Gold prices in Egypt have dropped by over 500 Egyptian pounds (about $9.70) per gram since the start of June 2026, mirroring the decline in global prices.
The price dropped from 6,775 pounds at the beginning of the month to about 6,250 pounds at the time of publication, its lowest level since Jan. 19, 2026. This plunge coincides with a stronger dollar, higher oil prices, and renewed fighting in the region.
In global trading, gold futures fell about 1.2% to $4,233.10 an ounce, while spot gold dropped 1.3% to $4,206.87 an ounce after reaching its lowest level since March 23.
Hany Milad, head of the General Division for Gold and Jewelry at the Federation of Egyptian Chambers of Commerce, attributed the recent declines to waves of selling driven by the uncertainty gripping global markets, amid persistent geopolitical tensions and rising inflation worldwide.
Repeated rallies and the failure to reach definitive solutions to international crises are reflected across all financial markets, Milad told Al Manassa.
Rising inflation, along with expectations that US interest rates will be held steady or even raised, he explained, is pushing some investors to free up liquidity and sell, which has weighed on gold’s movement for the time being.
Gold had already posted strong gains in the first months of this year, he said, prompting some investors to take profits. The current declines do not mean the upward wave is over, Milad added, expecting gold to resume rising in the final quarter of this year, with the possibility of recovering the high price levels it previously recorded.
Milad said buying and selling in the local market is relatively quiet because some consumers fear prices will keep falling. Current levels represent a good buying opportunity, he added, especially for those seeking long-term investment.
Walid Farouk, director of the Gold Observatory for Economic Studies, said the gap between local and global prices has widened to about 180 pounds per gram, reflecting traders’ continued caution in pricing their inventory after the waves of sharp volatility markets have seen since the start of the year.
He told Al Manassa that gold’s gains in the domestic market since the beginning of the year have shrunk to only about 420 pounds per gram, compared with the record gains it posted during the price peak in January.
Karim Suleiman, a gold trader, said the market is witnessing a shortage of small bullion bars weighing 5–10 grams, as demand for them has risen with a pickup in buying that coincided with the recent price decline. He expects prices to rise again and reach record levels by the end of the year.
“The current price gap represents a form of caution by market players and also reflects an increase in supply compared with demand in the market,” Suleiman told Al Manassa.
