Egyptian Gold Prices Surge as Global Markets Rally

The price of 21-karat gold in Egypt has risen by around EGP 660 per gram since the start of August, representing an 11.1% increase, according to Marsad Al Dahab.

During the same period, global gold gained approximately $562 per ounce, or 13.9%, due to a strong rally driven by a weaker US dollar and growing concerns over US debt and public finances.

The price of 21-karat gold in Egypt ended the week at EGP 6,600 per gram, compared with EGP 5,940 at the start of August, marking a weekly gain of around EGP 355, or 5.7%.