Gold prices in Egypt broke out of their recent consolidation phase last week, surging 2.7% (gaining EGP 160) to hit a 7-week high of EGP 6,100 per gram.
This domestic rally was primarily fueled by a massive 7.3% global gold surge—reaching $4,341 per ounce—spurred by weak US jobs data, a falling US dollar, and shifting Federal Reserve interest rate expectations.
Meanwhile, the Egyptian pound’s recovery and its drop below the EGP 50 threshold against the dollar slightly tempered local gains.
Concurrently, the Central Bank of Egypt announced that foreign exchange reserves hit a historic milestone exceeding $56.2 billion, supported by continuous global central bank buying and surging inflows into gold ETFs.
