Egyptian Gold Prices Soar 9.4% Since Start of Year on Strong Dollar

The price of gold in Egypt has increased by 9.4% since the start of this year, reaching EGP 6,380 per gram for 21-karat gold. According to Marsad Al Dahab, this represents a gain of around EGP 550 per gram compared to the beginning of 2026.

The Egyptian market has been influenced by the stronger US dollar exchange rate, which has risen from EGP 51.41 to EGP 52.28 during the week. This has allowed the local gold prices to outperform international gold, despite some weakness in demand and increased supply.

However, the price of gold remains around 16% below its record high reached last March, when it hit EGP 7,600 per gram. Internationally, gold has also risen by $60 per ounce since the start of the year, but still trades at a significant discount to its peak in January.

The Egyptian Financial Regulatory Authority recently prohibited consumer finance companies from financing purchases of gold and other precious metals, aiming to limit indirect borrowing and debt-funded speculation. This decision may impact demand financed through these companies, but is expected to have limited overall effect on the market.