Gold prices in Egypt rose by EGP 95 per gram between October 10 and 17, as the local market decoupled from international trends. According to data from the trading platform iSagha, the price of 21-carat gold reached EGP 6,250 on Friday, up from EGP 6,155 the previous Saturday.
This increase occurred despite a decline in global gold prices, which fell from $4,172.10 per ounce to $4,165.85 over the same period. Analysts attribute the local rise to the strengthening US dollar, which moved from EGP 52.37 to EGP 53.45. A stronger dollar increases the implied value of gold when converted into Egyptian currency.
International gold prices faced pressure from US inflation data and shifting expectations regarding Federal Reserve monetary policy. Markets now estimate an 80% probability that the Federal Reserve will hold interest rates steady at its upcoming meeting.
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