Gold lost 4% of its value over the past week in the Egyptian market, reflecting a noticeable decline in demand and a shift in investor preferences. This local drop was further reinforced by a 2.8% decline in global gold prices during the same period. Gold began the week trading at EGP 4,800 per gram for 21-karat gold and ended at EGP 4,610—a decrease of EGP 190. Globally, the price of an ounce of gold fell from $3,369 to $3,274, marking a $95 decline. The downward trend extended to all karat categories, with 24-karat gold priced at EGP 5,269, 18-karat at EGP 3,951, and 14-karat at EGP 3,074. The gold pound coin (ginih dahab) recorded a value of EGP 36,880. Even during the global market’s weekend closure, local gold prices continued to decline. On Saturday alone, the 21-karat gram dropped by EGP 15, sliding from EGP 4,625 to EGP 4,610. This decline occurred despite conditions that typically support gold prices, such as a weakening U.S. dollar and increasing expectations of interest rate cuts. However, these factors proved insufficient in countering a broader market shift toward higher-yielding investment options, which redirected liquidity away from safe-haven assets like gold. Gold’s 4% loss in value within a single week signals a broader change in market sentiment. Traditional drivers such as inflation hedging and currency weakness are no longer enough to sustain price levels, as investors explore more dynamic and profitable alternatives in today’s evolving financial landscape.
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