Gold Prices in Egypt Surge to Highest Point in Over a Year
Cairo, Egypt - Gold prices in Egypt reached their highest level since April 2025 today, driven by a global increase in teh price of gold and growing expectations of interest rate cuts in the United States. The price of 21-karat gold, the most popular grade in Egypt, climbed to 4,910 Egyptian pounds.
This significant rise impacts both investors and consumers in Egypt, where gold is a traditional store of value and a popular purchase for jewelry and savings. The upward trend is directly linked to the international gold market, where the price of an ounce surpassed $3,635, and is further fueled by anticipation of a shift in U.S. monetary policy. A reduction in American interest rates typically boosts gold prices, as it makes the precious metal more attractive compared to interest-bearing investments.
currently, gold prices are as follows: 24 karat is trading at 5,611 Egyptian pounds, while 18 karat is at 4,208 Egyptian pounds. A gold pound-equivalent to 8 grams of 24-karat gold-is valued at 39,280 Egyptian pounds.
Analysts at Standard Chartered Bank now predict the U.S.Federal Reserve will cut interest rates by 50 basis points at its upcoming monetary policy meeting. This revised forecast, up from a previously expected 25 basis point reduction, follows the release of recent U.S. employment data.
The August jobs report revealed a sharp slowdown in American job growth, with the unemployment rate rising to 4.3% – the highest it has been in nearly four years. Standard Chartered noted in a client report that ”the labor market moved from solid to weak in less than six weeks,” and believes this data strengthens the case for a more aggressive interest rate cut. The bank suggests a larger reduction could lead to a more measured pace of subsequent cuts.
