Gold prices declined in the global market on Wednesday, September 23, 2026, at the start of trading. The price of an ounce of gold was around $4334, after opening near the previous day's closing level of $4358 and fluctuating between $4369 and $4333 during the session. This represents a drop of over $20, which offset the gains made the previous day.
In Egypt, gold prices remained at previous levels after closing lower by around 20 pounds per gram the previous day. The most sought-after gold type, 21-carat, was priced at 6300 pounds per gram, excluding manufacturing costs. The average difference between buying and selling prices was around 30 pounds per gram. The local market prices are influenced by global market trends, dollar exchange rates, and supply and demand levels.
The current prices of gold in the Egyptian market, excluding manufacturing costs, are as follows: 24-carat gold is priced at 7200 pounds per gram, 21-carat at 6300 pounds per gram, 18-carat at 5400 pounds per gram, and 14-carat at 4200 pounds per gram. A gold pound is priced at 50,400 pounds, while an ounce of gold in global markets costs $4334.
The manufacturing cost of gold, also known as the "making charge," varies depending on the trader, location, type of gold, type of jewelry, and design complexity. These costs can significantly impact the final price of gold products. As a result, prices may differ from one retailer to another and from one region to another.
The decline in gold prices globally can be attributed to investors awaiting significant economic data and developments in geopolitical events. Additionally, fluctuations in oil prices have an impact on gold prices. Last week, gold prices saw a significant increase, rising by $29 per ounce globally and 120 pounds per gram locally.
Moving forward, gold prices in Egypt are expected to be influenced by any changes in global prices and dollar exchange rates. Continued monitoring of global economic and geopolitical developments will also impact gold prices. The interaction between global market trends and local economic conditions will shape the future trajectory of gold prices in Egypt.
The gold market is subject to various factors that can influence prices, including supply and demand, economic indicators, and geopolitical events. As investors and consumers navigate these dynamics, gold prices will continue to fluctuate. Understanding these factors can provide insights into the gold market and help stakeholders make informed decisions.
Key points
- Gold prices declined by over $20 per ounce globally on Wednesday.
- In Egypt, 21-carat gold is priced at 6300 pounds per gram, excluding manufacturing costs.
- The manufacturing cost of gold varies depending on the trader, location, and type of gold product.
