Gold prices in Egypt experienced a decline on Monday, March 16, 2026, continuing a downward trend observed over the past two weeks, according to reports from local markets.
The price of 24-karat gold fell to 8469 Egyptian pounds per gram, while 21-karat gold, the most traded, reached 7410 pounds per gram. 18-karat gold was trading at 6351 pounds per gram. A gold pound (approximately 8 grams) was priced at 59280 Egyptian pounds, as reported by Al-Masry Al-Youm.
The global downturn in gold prices is attributed to the strength of the US dollar and diminishing expectations of interest rate cuts by the US Federal Reserve, impacting the Egyptian market, according to Youm7. The international price of an ounce of gold reached $5007, signaling further potential downward pressure.
Al-Ain reported that gold prices fell by 100 Egyptian pounds today, following a series of previous increases. Globally, gold prices stabilized after initially falling nearly 1%, supported by a slight decline in the dollar and demand for safe-haven assets, despite reduced hopes for near-term US interest rate reductions due to rising energy prices.
According to data from the “i-dehb” platform, a gram of 24-karat gold sold for 8377 pounds (approximately $178.50) and purchased for 8321 pounds ($177.31). 18-karat gold was trading at 6355 pounds ($135.42) for sale and 6313 pounds ($134.52) for purchase.
Market observers are closely monitoring the global ounce price and the exchange rate between the dollar and the Egyptian pound, as these factors are considered key determinants of local gold prices.
