Gold prices in Egypt’s local market rose by around EGP 580, or 9.4%, during last week’s trading, driven by a sharp rally in global bullion prices, which climbed by about $392, or 8.5%—the strongest weekly gain in nearly six years. Saeed Embabi, CEO of iSagha, said gold opened the week at EGP 6,155 per gram and closed at EGP 6,735, while the global ounce price jumped from $4,596 to $4,988. He added that 24-carat gold ended the week at EGP 7,697 per gram, while 18-carat gold reached EGP 5,773 per gram. Embabi attributed the sharp rise in local gold prices primarily to the surge in global prices, alongside relative stability in the local US dollar exchange rate and stronger domestic demand. These factors have contributed to widening the gap between local and global prices to around EGP 146.
