Gold prices in Egypt and Sudan dip amid Eid holiday

In Egypt, the 24‑karat gold market showed relative stability on May 31, 2026, as traders adjusted after the Eid al‑Adha holiday. Price movements reflected the balance between global spot prices, the Egyptian pound’s exchange rate and seasonal demand, with analysts noting a brief consolidation phase in the local market.

In Sudan, gold prices fell sharply during the second day of Eid al‑Adha, dropping about $150 per ounce from the previous day's high of $4,366. Traders attributed the decline to a severe cash shortage, disruptions in electronic banking, reduced market activity as merchants left commercial centres, and a pause in artisanal mining. The slump was also linked to falling international prices amid Gulf‑region geopolitical tensions. Gold remains Sudan’s primary export, accounting for more than 58 % of official exports, though smuggling is estimated to divert up to 60 % of production.