Gold prices in Egypt recorded a notable increase across all karats during Monday’s trading in local gold markets and jewelry shops, driven by escalating geopolitical tensions in the Middle East following the outbreak of war in Iran.
The price of 21-karat gold — the most widely traded and demanded in the Egyptian market — reached approximately EGP 7,510 per gram excluding workmanship (manufacturing fees), coinciding with a record upward trend in global gold prices.
Gold Prices in Egypt Today by Karat
24-Karat Gold Price
The price of 24-karat gold recorded EGP 8,583 per gram for buying and EGP 8,527 for selling during Monday’s trading in jewelry shops, excluding workmanship costs.
22-Karat Gold Price
The price of 22-karat gold reached EGP 7,868 per gram for buying and EGP 7,815 for selling in local markets.
21-Karat Gold Price
The price of 21-karat gold stood at EGP 7,510 per gram for buying and EGP 7,460 for selling, maintaining its position as the most actively traded gold category in Egypt.
18-Karat Gold Price
The price of 18-karat gold registered EGP 6,437 per gram for buying and EGP 6,391 for selling during Monday’s transactions.
14-Karat Gold Price
The price of 14-karat gold reached EGP 5,007 per gram for buying and EGP 4,967 for selling in jewelry stores.
12-Karat Gold Price
The price of 12-karat gold recorded EGP 4,291.50 per gram for buying and EGP 4,263.50 for selling.
Gold Ounce and Gold Pound Prices in the Local Market
- The price of a gold ounce in Egypt reached approximately EGP 170,626.03, excluding workmanship fees.
- Meanwhile, the gold pound recorded EGP 60,080 for buying and EGP 59,680 for selling during Monday’s trading.
Global Gold Prices Today
Globally, gold prices continued their upward trajectory, with the gold ounce recording USD 5,383.40 for buying and USD 5,384.40 for selling in international markets, supported by increased demand for safe-haven assets amid global geopolitical instability.
Important Note Regarding Workmanship Fees
It is worth noting that the prices listed in this report reflect the raw gold price per gram excluding workmanship fees, as manufacturing charges vary from one jewelry shop to another and are only added when purchasing finished gold jewelry items.
Reasons Behind the Rise in Global and Local Gold Prices
Gold prices continued their record rally on Monday amid growing uncertainty in global markets driven by escalating military tensions in the Middle East. These developments include U.S. and Israeli military strikes on Iran, as well as Iranian missile and drone attacks targeting Israel and several Gulf countries.
Gold recorded a 7.8% increase in February, marking its seventh consecutive monthly gain, reinforcing expectations that 21-karat gold prices in Egypt may surpass EGP 7,600 in upcoming trading sessions, supported by ongoing strength in global markets.
Rising oil prices and movements in the U.S. dollar index also contributed to market dynamics, while investors closely monitor the relationship between local gold prices and the global ounce price, which remains the primary indicator of gold market trends both locally and internationally.
Performance of Gold Futures and Spot Contracts
- Gold futures surged to USD 5,296.76 per ounce, posting a 1.97% increase.
- Spot gold prices also climbed to USD 5,279.22 per ounce, rising by 1.81%.
Meanwhile, the U.S. Dollar Index declined to 97.65 points, down 0.14% against a basket of major foreign currencies, led by the euro and the British pound, further enhancing gold’s appeal as a safe-haven asset for global investors.
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