Gold prices exploded in Egypt with unprecedented force, as the price of a 21-carat gram, the most traded gram, jumped by about 400 pounds at once. The price of the gold pound rose completely by 1,500 pounds, in a few hours during Saturday, February 28, 2026, amid a state of massive and disturbed buying.
The escalating military tensions in Iran, following the Israeli strike and its responses, ignited a strong wave of demand for the yellow metal as a safe haven, pushing prices to record levels despite the cessation of international trading and the closure of global stock exchanges.
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In a moment anticipating the developments, spot prices were as follows, according to the “iSagha” platform:
- Price of a gram of 24 karat gold: 8371 pounds.
- Price of a gram of 21 carat gold: 7,325 pounds.
- Price of a gram of 18 karat gold: 6278 pounds.
- The price of the gold pound: 58,560 pounds.
The uncertainty in the local market was reflected in the widening gap between buying and selling prices. The “Gold Era” application raised this difference to about 200 pounds per gram, as 21 karat was sold at 7,350 pounds, compared to buying it from traders at only 7,150 pounds.
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Gold was not the only one that witnessed an increase, as what is known as the “goldsmith’s dollar” rose by about one pound higher than its price in banks, to record 48.49 pounds.
This meteoric rise is due to a combination of factors, most notably the escalation of military confrontations, the sudden local demand for gold as a hedge, and the movement of traders to raise prices in anticipation of an expected global rise.
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Informed sources expect the sharp fluctuation in prices to continue in the coming days, with their fate linked to developments in the war in Iran and the extent of the military confrontation. Prices may witness an additional wave of rise once global trading resumes if the escalation continues.