Dubai \u2013 Gold prices in Egypt recorded a decline during trading sessions on Saturday, October 24, 2026, falling by approximately 15 Egyptian pounds per gram. This adjustment follows two consecutive days of gains for the precious metal within the domestic market. The price of 21-karat gold, which remains the most widely traded standard among consumers, settled at 6275 Egyptian pounds per gram. The downward movement coincided with a broader retreat in international gold markets, offsetting any potential support from a slight depreciation of the Egyptian pound against the US dollar in official banking channels.<\/p>\n
The current drop contrasts sharply with recent daily fluctuations that characterized the week\u2019s trading activity. On Friday, prices had risen by roughly 20 pounds after a significant dip of 35 pounds on Thursday. Earlier in the week, the metal saw modest increases of 10 pounds on Wednesday and 25 pounds on Tuesday, following stable sessions over the weekend. These daily swings reflect heightened sensitivity to external economic indicators and shifting investor sentiment regarding inflationary pressures globally.<\/p>\n
The local price reduction was primarily driven by a fall in the international spot price of gold, which decreased by nearly 52 dollars per ounce. Futures contracts for December delivery also slid by 1.3 percent, equating to a loss of 52.5 dollars per ounce. Consequently, gold suffered its worst weekly performance since June, losing approximately 3.6 percent of its value. Analysts attribute this trend to rising oil prices, which have fueled fears of persistent inflation and expectations that interest rates may remain elevated for longer periods.<\/p>\n
As of 08:20 GMT, the US dollar exchange rate remained steady at 55.25 Egyptian pounds. While the base price of gold has fallen, retail variations persist due to differing craftsmanship fees, taxes, and stamp duties across various jewelry stores. The spread between buying and selling prices typically ranges from 20 to 30 pounds per gram. Investors are now closely monitoring upcoming Federal Reserve meetings scheduled for late October, alongside personal consumption expenditure data expected next week, which could further influence global monetary policy and local gold valuations.<\/p>\n
This story was produced in the newsroom from the disclosed sources named above.<\/em><\/p>\n