Egypt gold and dollar markets show stability amid reserve shifts

Gold prices in Egypt have shown signs of stability and fluctuation following recent global market movements, with the ounce trading near $4,405. In the local market, 21-karat gold—the most traded variety—has been recorded at approximately 6,280 to 6,290 EGP per gram.

Economic indicators from the Central Bank of Egypt show that gold reserves have risen to $19.058 billion, an increase of $1.919 billion compared to July data. This growth in gold holdings, totaling 4.177 million ounces, helped offset a decline in foreign currency reserves, which fell to $37.552 billion.

Simultaneously, the US Dollar exchange rate against the Egyptian Pound remains a key focus for investors. In major Egyptian banks, the dollar has been trading at rates around 51.14 EGP for purchase and 51.24 EGP for sale, with some institutions like Abu Dhabi Islamic Bank offering slightly higher rates of 51.30 EGP for sale.