Gold prices in Egyptian markets recorded another sharp increase on Sunday, with the price of 21-karat gold rising by approximately LE 15 per gram.
The gold pound, a traditional benchmark for local jewelry, also climbed by about LE 120, signaling continued upward pressure on precious metals within the country.
The surge in local spot prices underscores the persistent inflationary environment in Egypt, where gold serves as a primary hedge against currency depreciation.
While global spot gold has been supported by geopolitical developments, including diplomatic shifts between the United States and Iran, the Egyptian market's movement is increasingly driven by domestic demand and local currency dynamics.
This latest jump follows a broader rally in precious metals, with global spot gold climbing 1.2% to $4,750 per ounce earlier in the week.
Investors have been positioning for potential safe-haven flows amid ongoing geopolitical uncertainty, though the Egyptian market's specific trajectory highlights the divergence between global benchmarks and local spot realities.