Egypt's gold market has witnessed a significant decline in prices, with the gram of gold losing approximately 80 pounds. As of Wednesday, September 23, 2026, the price of a gram of 21-karat gold, the most in-demand, stood at around 6,220 pounds, excluding manufacturing costs. This represents a considerable drop from the opening price of 6,300 pounds earlier in the day. Market participants are eagerly awaiting the Egyptian Central Bank's meeting on Thursday to determine the fate of interest rates.
The global gold market has also experienced a downturn, with the ounce trading at 4,290 dollars, down from 4,358 dollars earlier in the day. During the session, the price fluctuated between 4,369 and 4,275 dollars. This decline in global prices, coupled with the dollar exchange rate and local demand, has contributed to the drop in gold prices in Egypt. The average difference between buying and selling prices stood at around 30 pounds.
The current prices of gold in Egypt, excluding manufacturing costs, are as follows: 24-karat gold is trading at 7,108 pounds per gram, while 18-karat gold stands at 5,331 pounds per gram. Additionally, 14-karat gold is priced at 4,146 pounds per gram, and the gold pound is trading at 49,760 pounds. The global gold price is 4,290 dollars per ounce.
Manufacturing costs for gold in Egypt typically range between 3% and 7% of the gram price, depending on the effort involved in producing gold jewelry. These costs may vary based on the company or workshop producing the gold items and the type of gold used. For instance, 18-karat gold tends to have higher manufacturing costs compared to 24-karat gold, which is often used for making gold bars and has lower production costs.
It is worth noting that gold prices in Egypt experienced gains last week, with the global ounce rising by 29 dollars and the local gram increasing by 120 pounds. Market participants are closely monitoring the situation, particularly with the upcoming Central Bank meeting, which may impact gold prices and the overall economy.
The decline in gold prices has been influenced by various factors, including global market trends and local economic conditions. As investors and consumers await the outcome of the Central Bank meeting, they are likely to adjust their strategies accordingly. The meeting's decision on interest rates may have a significant impact on gold prices and the broader economy.
In conclusion, Egypt's gold market is experiencing a significant downturn, with prices dropping by around 80 pounds per gram. The global market trends, dollar exchange rates, and local demand have all contributed to this decline. As the market awaits the Central Bank's decision on interest rates, participants are advised to stay informed and adjust their strategies accordingly.
Key points
- Egypt's gold prices have dropped by around 80 pounds per gram, influenced by global market trends and local economic conditions.
