Egyptian Gold Prices Hold Steady Amid Global Decline

The price of gold in Egypt remained stable at EGP 6,380 per gram for 21-karat gold over the weekend, despite a global decline of 1.7% in September.

This stability was due to lower oil prices and escalating geopolitical tensions in the Middle East, which supported gold's value.

The international market saw gold gain about $29 during the week, opening at $4,349 per ounce and closing at $4,378, representing an increase of nearly 0.7%.

The Egyptian gold pound remained steady at EGP 51,040, while the US dollar rose by approximately 2.6%, from EGP 50.97 to EGP 52.28, offsetting the decline in global gold prices and pushing local prices higher.