Egyptian Gold Prices Plummet as Dollar Weakness Adds to Global Pressures

Gold prices in Egypt declined by about 2.3% over the week ended Saturday, while the international price fell by roughly 2% in the week ended Friday.

The decline was driven by higher US Treasury yields and expectations of further Federal Reserve rate increases, which weighed on the global market.

In Egypt, 21-karat gold lost EGP 145 per gram over the week, trading at EGP 6,235 per gram. The price of 24-karat gold reached about EGP 7,126 per gram, while 18-karat gold stood at EGP 5,344.

The weaker dollar against the Egyptian pound also contributed to the decline in local gold prices, with the exchange rate used in the weekly comparison falling from about EGP 52.28 to EGP 51.91 per dollar.