Gold prices in Egypt’s local market declined by EGP 150, or 2.2%, over the past week, even as global gold prices posted gains, reflecting a correction driven by a narrowing pricing gap between local and international markets. According to a report issued by online gold and jewellery trading platform iSagha, international gold prices rose by around $70, or 1.4%, to approximately $4,965 per ounce. Saeed Embabi, Chief Executive Officer of iSagha, said 21-carat gold closed the week at EGP 6,675 per gram, while 24-carat gold reached approximately EGP 7,629 per gram. Eighteen-carat gold was priced at EGP 5,721 per gram, and the gold pound stood at around EGP 53,400. Embabi explained that the decline in local prices occurred despite the global uptrend due to a pricing premium in the domestic market of between EGP 300 and EGP 500 above international levels.

Source: Daily News Egypt February 08, 2026 17:55 UTC