Skip to main content

Downward spiral causes crash in Egypt’s gold prices

Gold prices sharply dropped in Egypt amid a drop of global prices after the US Federal Reserve hiked interest rates.
A boy looks at the coins displayed at the exhibition Coins through the Ages at the Egyptian Museum in Cairo, on Aug. 10, 2010.

Gold prices went down in Egypt in the first week following the 10-day Eid al-Adha holiday in early July despite a rise in selling and buying operations. 

On Aug. 3, the price of a gram of 24-karat gold dropped by about 4 Egyptian pounds (21 cents), to 1,178 Egyptian pounds ($61.66). This type of gold is the most expensive in Egypt because of its high quality. 

Access the Middle East news and analysis you can trust

Join our community of Middle East readers to experience all of Al-Monitor, including 24/7 news, analyses, memos, reports and newsletters.


Only $100 per year.