Gold prices in Egypt fell by 3.6% over the past week, marking a decline of EGP 200 per gram, as the market undergoes what experts describe as a “natural correction” following record highs in October.
Ehab Wassef, Chairperson of the Gold and Precious Metals Division at the Federation of Egyptian Industries, said the decline reflects healthy market dynamics driven by balanced supply and demand rather than panic selling.
He noted that the price of 21-karat gold – Egypt’s most traded standard – fell to EGP 5,350 per gram, down from EGP 5,550 at the start of the week, after hitting a weekly low of EGP 5,235.
Wassef attributed the retreat to two key factors: continued negative corrections in global gold prices for the second consecutive week, and the gradual strengthening of the Egyptian pound against the US dollar in the banking system.
Despite the decline, Wassef highlighted that global prices closed the week above $4,000 per ounce, which supports expectations for a potential rebound as technical momentum stabilises.
He added that, according to World Gold Council data, Egypt’s gold demand dropped to 9.9 tonnes in Q3 2025, down 14% from Q2 and 5% year-on-year, reflecting cautious consumer behaviour amid sharp price swings rather than weak underlying demand.
Wassef also pointed to similar trends across the Middle East, where jewellery sales dipped due to high prices and regional uncertainty, prompting some consumers to sell old jewellery to capitalise on recent price surges.
“The Egyptian gold market remains resilient and well-positioned to absorb global fluctuations,” Wassef said, adding that short-term stability is expected with a potential upward trend if global prices remain above $4,000 per ounce.
He identified EGP 5,300 per gram as a key domestic support level, suggesting the market could retest EGP 5,400 if international momentum continues.
Last week, Wassef was also elected to the Board of Directors of the Chamber of Metallurgical Industries for the 2025–2029 term, representing small enterprises within the gold sector.
