The Egyptian gold market experienced a stable day on Saturday, October 3, 2026, with prices holding steady amid the weekly holiday of the global gold market. This stability comes after a week that saw significant losses, with gold prices dropping by over $140 per ounce due to rising US bond yields and expectations of continued monetary tightening by the US Federal Reserve.
In the local market, the price of 21-carat gold, the most in-demand, fluctuated between 6130 and 6135 pounds per gram, excluding manufacturing costs, with a difference of about 50 pounds between buying and selling prices. Meanwhile, on the global stage, gold prices concluded the week's trading at 4140 dollars per ounce, down from 4286 dollars at the start of the week.
A look at the current gold prices in Egypt shows that a gram of 24-carat gold is selling for 7006 pounds, while 21-carat gold stands at 6130 pounds per gram. Additionally, 18-carat gold is priced at 5254 pounds per gram, and 14-carat gold at 4087 pounds per gram. The gold pound, which is equivalent to 8 grams of 21-carat gold, is selling for 49040 pounds.
The global gold market also saw a downturn, with the ounce closing at 4140 dollars. This decline is attributed to increased expectations of further interest rate hikes by the US Federal Reserve, aimed at curbing inflation, which has been a significant concern for the global economy.
When purchasing gold in Egypt, buyers should be aware that the manufacturing cost, which can range between 3% and 7% of the gram's price, is not included in the listed prices. This cost can vary depending on the effort put into making the gold piece and the company or workshop producing it. The manufacturing cost is typically higher for 18-carat gold compared to 24-carat gold, which is often used for making gold bars.
The fluctuation in gold prices, both locally and globally, is closely watched by investors and individuals looking to buy or sell gold. The stability in Egypt's gold market on this day provides a moment of calm for those interested in gold transactions, but the global trends and economic indicators will likely influence future prices.
Understanding the dynamics of gold pricing, including the factors that influence both the global and local markets, is crucial for making informed decisions in gold trading. With the global market's reaction to economic indicators and the local market's response to supply and demand, gold remains a closely monitored commodity.
Key points
- Egypt's gold market sees stable prices on Saturday, October 3, 2026.
- Global gold prices ended the week with significant losses due to rising US bond yields.
- Manufacturing costs for gold in Egypt range between 3% and 7% of the gram's price.
