Egyptian Gold Prices Soar 5.8% Amid Global Rally

Gold prices in Egypt continued their upward trend for the third consecutive week due to strong global gold prices and a rise in the US dollar against the Egyptian pound.

The price of 21-karat gold rose 5.8% last week, increasing from EGP 6,250 per gram at the start of trading to EGP 6,630, marking weekly gains of EGP 380.

This pushed 21-karat gold to its highest level in 11 weeks, breaking through several key resistance levels including EGP 6,300 and the psychological EGP 6,500 mark before closing above EGP 6,600 per gram.

The main driver of the local rally was the sharp increase in international gold prices, coupled with a 65-piaster or 1.3% rise in the dollar exchange rate against the Egyptian pound during the week.