Egypt gold prices rise in October despite global decline

Gold prices in Egypt rose during October 2026, even as global markets experienced a downturn. According to Ehab Wassef, head of the Gold and Precious Metals Division at the Federation of Egyptian Industries, the price of 21-karat gold, the most traded type in the country, increased by approximately 55 EGP, or 0.9%. The price reached roughly 6,200 EGP by the end of the month, up from 6,145 EGP at the start.

This local increase was driven by a 7.1% rise in the US dollar exchange rate against the Egyptian pound, which climbed from 52.37 EGP to 56.09 EGP. The strengthening dollar helped offset the impact of a 6.8% drop in global gold ounce prices, which lost about 284 USD in value.

Global market pressures included rising crude oil prices to approximately 118 USD, fueling inflation concerns, and the US Federal Reserve's decision to maintain interest rates without providing clear guidance on future monetary policy. Additionally, selling pressures increased as investors liquidated gold holdings following declines in US technology stocks.