Cairo – Gold prices in the Egyptian market continued their upward trend for the second consecutive week, bolstered by rising global ounce prices and fluctuations in the exchange rate of the US dollar, according to reports released on Sunday. The sustained increase comes as the Egyptian gold industry sets ambitious export targets for the remainder of 2026.
According to the Precious Metals and Gold Division of the Federation of Egyptian Industries, the price of gold has been steadily climbing, reflecting global market dynamics and local currency movements. This surge in prices is occurring as the industry aims to achieve $9 billion in gold exports by the end of the year, a significant increase in the sector’s contribution to the national economy.
Local Gold Prices Surge
The Precious Metals and Gold Division confirmed that gold prices in the local market have been on the rise for the second week in a row, following a period of instability. This increase is directly linked to the consistent gains observed in global gold prices, coupled with a strengthening US dollar within Egyptian banks. The price of a 21-karat gold, the most traded in the Egyptian market, rose by 3.1% last week, gaining over 200 Egyptian pounds, according to Youm7. This increase coincided with the dollar appreciating by more than 60 piasters.
Ihab Wasif, head of the Precious Metals and Gold Division, explained that gold pricing in Egypt is primarily influenced by the movement of the ounce globally, with direct impact from exchange rate fluctuations within the banking sector. He emphasized the interconnectedness of the local market with international trends and currency values.
Government Support for the Gold Industry
The Egyptian government is increasingly focused on the gold sector, implementing a strategy aimed at developing the industry, maximizing added value, and boosting exports. This strategy includes supporting compact and medium-sized enterprises (SMEs), investing in design and manufacturing, and enhancing the skills of technical labor to improve external competitiveness. This commitment signals a broader effort to unlock the potential of Egypt’s gold resources and establish the country as a key player in the global gold market.
The government’s focus on the gold sector aligns with broader economic goals of diversification and increased export revenue. By supporting local businesses and investing in skills development, the government aims to create a more robust and competitive gold industry capable of attracting foreign investment and generating employment opportunities.
Current Gold Prices in Egypt
As of today, February 22, 2026, gold prices in Egypt are as follows:
- 24-karat gold: 7,931 Egyptian pounds
- 21-karat gold: 6,940 Egyptian pounds
- 18-karat gold: 5,949 Egyptian pounds
- Gold pound: 55,520 Egyptian pounds
Global Gold Market Trends
Globally, gold continued its upward trajectory for the third consecutive week, driven by geopolitical tensions and diverging expectations for US interest rates. The price of an ounce of gold closed above $5,108 by the end of the week, according to reports. These global factors are significantly influencing the Egyptian market, contributing to the sustained rise in local gold prices.
Locally, 21-karat gold closed above 6,800 Egyptian pounds per gram, indicating a renewed upward momentum. However, the market’s direction remains contingent on developments in global prices and exchange rate movements in the coming period. The interplay between international market forces and local economic conditions will continue to shape the trajectory of gold prices in Egypt.
The Egyptian gold industry’s ambitious $9 billion export target for 2026, as reported by Al-Masry Al-Youm and Ahram Business, reflects a growing confidence in the sector’s potential. Continued government support, coupled with favorable global market conditions, will be crucial in achieving this goal and solidifying Egypt’s position as a significant gold exporter.
Looking ahead, market analysts will be closely monitoring global economic indicators, geopolitical developments, and fluctuations in the US dollar to assess the future direction of gold prices in Egypt. The next key indicator will be the release of the Precious Metals and Gold Division’s report next week, providing an updated assessment of market trends and potential challenges.
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