Gold prices in the local market rose by EGP 215, or 3.2%, last week, reflecting a similar increase in the global gold price, which rose by $65, or 1.3%. Saeed Embaby, CEO of iSagha, noted that the 21-karat gold gram opened the week at EGP 6,710 and closed at EGP 6,925. Globally, the price of gold per ounce rose from $5,043 at the start of the week to $5,108 by the close. Gold prices also regained the $5,000-per-ounce level as concerns over rising geopolitical risks escalated, particularly with the possibility of a military confrontation between the U.S. and Iran. Despite this sale, the value of Russia’s gold reserves increased by 23%, reaching $402.7bn, buoyed by higher global gold prices.

Source: Daily News Egypt February 22, 2026 16:59 UTC