Egypt gold price drops to 50,000 pounds amid global market shifts

Egyptian gold prices fell sharply in early June 2026. The 21‑carat gram price slipped to around 6,235 EGP, the lowest level since mid‑January, while the 24‑carat gram was about 7,143 EGP and the 18‑carat around 5,357 EGP. The gold pound (one ounce) settled near 50,000 EGP, and the international ounce price dropped to roughly $4,148.

Analysts linked the decline to stronger U.S. job data, which boosted the dollar and Treasury yields, reducing gold’s appeal as a safe haven. Ongoing U.S.–Iran military tensions lifted oil prices, feeding inflation concerns but also supporting a firmer dollar, further pressuring gold. Despite the pullback, central banks continue to increase gold reserves, and forecasts from Goldman Sachs still see the global ounce reaching about $5,400 by the end of 2026.

Local market factors, such as varying maker’s margins and regional demand, also contributed to price differentials across Egyptian cities and jewellers.