Today’s gold price – archive photo
Today’s gold price – archive photo
Lotfi Al-Munib, Vice President of the Gold and Jewelry Division at the Chamber of Commerce, said that the prices of the yellow metal in the local market have witnessed significant increases since the middle of last week, followed by a decline that exceeded 15% of the announced price levels, as a result of the sudden rise of the global stock market and then its rapid decline.
Al-Munib explained to Al-Masry Al-Youm that the price of 21 carat gold rose to 7,470 pounds, before falling again to levels of 6,675 pounds.
The Deputy Head of the Division added that the local gold market also witnessed a significant demand from citizens to buy and sell with the aim of achieving gains, noting that the buying behavior of citizens has clearly changed since last year 2025 and the current year as well, as it became driven by the fear of missing profit opportunities, running after the “trend”, and striving to achieve quick gains without having sufficient knowledge of the appropriate timing to buy or sell, noting that this behavior was supported by gold achieving gains of 90% during the past year 2025.
In response to what is being raised about some gold shop owners buying or selling at prices higher than the announced price, the Deputy Head of the Division explained that there is no forced pricing for gold, and that determining the price for buying and selling is subject to the mechanisms of supply and demand in the market in general, and the agreement and acceptance between the two parties to the transaction, whether the shop owner or the seller.
He pointed out that the authority entrusted with supervising and controlling gold in the markets in Egypt is the Stamps and Weights Authority, through campaigns and inspection tours of stores, so it is always advised to buy from stores and not from online groups.
He stressed that if the inspection committees seize any gold jewelry that is not stamped or conforms to the specifications, the necessary legal measures will be taken against the shops and their owners.
Regarding the global market, Al-Munib explained that what gold prices witnessed during the past few days is due to speculation operations in global markets, in addition to the decline in tensions between the United States of America and Iran, and attempts to reach an agreement between the two sides.
He added that the price of an ounce reached levels of $5,600, before falling to about $4,700, then rising again to levels of $4,892.
Regarding his expectations for gold prices during the coming period, in light of the state of fluctuation witnessed in the global market, Al-Munib stressed that the vision is still blurry and unclear, especially in light of American policies and the unstable conditions associated with the tensions between the United States and Iran.
