Gold Prices in Egypt Decline Amid Dollar Pressure, 24-Karat Drops, 21-Karat Hits New Lows

Gold prices in Egypt continued their downward trend on Friday, April 24, 2026, with 21-karat gold trading at EGP 6,970 per gram, according to multiple local market reports.

The decline reflects ongoing pressure from a strengthening Egyptian pound against the U.S. Dollar, which has become the dominant factor influencing local gold pricing despite mixed global trends.

Market data from Al Masry Al Youm showed that 21-karat gold recorded EGP 6,970 per gram with manufacturing costs included, while 24-karat gold traded below the EGP 8,000 threshold amid sustained dollar pressure.

Reports from Youm7 and Masrawy confirmed the persistent decline, noting that gold prices have been falling throughout the week as the local currency gained strength against the U.S. Dollar.

According to Zawya’s analysis of iSagha’s weekly report, the price of 21-karat gold—the most widely traded locally—had already fallen by about EGP 100 from EGP 7,160 to EGP 7,060 per gram during the period of April 11–18, driven by a 2.5% appreciation of the Egyptian pound against the U.S. Dollar.

Saeed Embaby, CEO of iSagha, emphasized that exchange rate movements have overshadowed global gold trends, stating that the Egyptian market responds swiftly to currency shifts, with gold trading in a narrow band between EGP 7,175 and EGP 7,060 during that timeframe.

Despite the local decline, global gold prices showed resilience, rising from $4,740 to $4,832 per ounce during the same period, fueled by a weaker U.S. Dollar index, easing geopolitical tensions—including prospects of renewed U.S.-Iran talks—and expectations that the Federal Reserve will maintain interest rates at 3.5%–3.75% before possible cuts later in the year.

The Middle East Observer noted on April 16 that gold prices in Egypt had eased to approximately EGP 7,110 for 21-karat gold, with 24-karat at around EGP 8,125 per gram and 18-karat at about EGP 6,094, reflecting short-term corrections following recent upward trends in the local market.

These movements occurred amid relatively stable global gold prices, with the ounce trading near $4,780, as international markets experienced limited volatility and investor sentiment remained tied to U.S. Monetary policy, inflation trends, and ongoing U.S.-Iran negotiations.

Analysts surveyed by Kitco News maintained a cautiously optimistic outlook, with 80% forecasting continued gains in gold over the medium term, supported by global demand and economic uncertainty, while 20% anticipated a near-term correction.

Technical indicators suggested short-term overbought conditions in global markets, but safe-haven demand was expected to sustain gold’s upward trajectory despite localized pressure from currency strength in Egypt.