Gold prices in Egypt experienced a sharp decline in evening trading on Monday, September 28, 2026, dropping by approximately 130 pounds per gram. This downturn was primarily driven by a substantial decrease in global gold prices. As of Monday, the price of 21-carat gold stood at around 6,100 pounds per gram, down from 6,230 pounds per gram at the close of the previous day's trading.
The decline in Egypt's gold prices coincided with a 3.2% drop in the global gold ounce price, which fell to approximately 4,149 dollars per ounce, having briefly hit 4,142 dollars – its lowest level in nearly seven weeks. This significant decrease in global gold prices had a direct impact on the local market, with the 24-carat gold price standing at 6,971 pounds per gram.
According to an analysis by Gold Billion, a leading market analysis platform, the sharp decline in Egypt's gold prices was largely a result of the substantial drop in global gold prices. With limited movement in the dollar-to-pound exchange rate, the primary driver of gold price fluctuations in the local market was the global gold price. The platform noted that the 21-carat gold price had broken through its support level of 6,200 pounds per gram, increasing downward pressure on prices.
Gold prices globally have been under pressure, following the closure of last week's trading below the 4,300-dollar mark for the first time in eight weeks. This led to a sharp decline in prices at the start of the week, breaching the 4,250-dollar support level and potentially targeting the 4,000-dollar mark per ounce. Factors contributing to this downward trend include rising oil prices, nearing 105 dollars per barrel, and increased US bond yields.
Market expectations suggest that the US Federal Reserve may raise interest rates during its October meeting, further influencing gold prices. As investors await key US economic data releases this week, including the Personal Consumption Expenditures (PCE) index – the Fed's preferred inflation gauge – and job market data, they are keenly observing potential impacts on gold and dollar movements.
The current prices for various gold carats in Egypt are as follows: 21-carat gold at 6,100 pounds per gram, 24-carat gold at 6,971 pounds per gram, 18-carat gold at 5,229 pounds per gram, 14-carat gold at 4,067 pounds per gram, and 22-carat gold at 6,390 pounds per gram. These prices reflect the sharp decline observed in the market on Monday.
As investors and market participants continue to monitor economic developments and their potential effects on gold prices, they remain cautious about future market movements. The interplay between global economic indicators, currency fluctuations, and commodity prices will likely continue to shape the trajectory of gold prices in Egypt and worldwide.
Key points
- Egypt's gold prices dropped sharply on Monday, September 28, 2026, influenced by a significant decline in global gold prices.
- The 21-carat gold price stood at around 6,100 pounds per gram, down from 6,230 pounds per gram at the close of the previous day's trading.
- Global gold prices fell by 3.2%, with the ounce price dropping to approximately 4,149 dollars, its lowest level in nearly seven weeks.
