Gold Prices Drop in Egypt after US Fed Leader Change
Gold prices in Egypt fell hard. Global markets lost ground when Kevin Warsh took charge at the US Federal Reserve. This change shows how global money policy and old assets connect. Investors and traders feel the effects.
Local Market Reaction: Hard Price Drops
On January 31, 2026, the price for 21-carat gold fell by EGP 80 in one day. It dropped to EGP 6,670 per gram. Earlier in the week, prices ranged from EGP 7,350 to EGP 6,750 per gram—a decline of about EGP 600 over the week. Data from iSagha shows that 24-carat gold sold at EGP 7,623 per gram. For 18-carat gold, the cost was EGP 5,717 per gram, and gold pounds traded near EGP 53,360 each.
iSagha CEO Saeed Embaby said local gold usually cost between EGP 300 and EGP 500 more than international rates. The fast global shifts forced local prices to move quickly. The gap now stands around EGP 230. Embaby warned that prices not matching real market facts will be made public to keep things clear.
Global Market Influences: The Fed Effect
On the world stage, gold lost about $93 per ounce in one day, closing at $4,895. Gold hit a high of $5,602 earlier in January, but prices dropped as the US dollar grew strong and Treasury bond yields climbed. The dollar index went up to 96.87, and the yield on 10-year bonds reached 4.247%. Such moves can make gold less attractive to those who do not earn interest.
Silver also dropped about 30% in one day. This shift shows that many precious metals lost value at the same time.
Demand Shifts and Future Hopes in Egypt
A rise in gold prices once drove strong demand in Egypt. Buyers rushed for bullion and gold pounds. Some suppliers now take up to three weeks to deliver, while traders pause or keep selling from their stock. Embaby advised those who bought gold at high prices to hold on. He sees hope for the market through the end of 2026. Experts point to high global debt, less faith in the US dollar, and ongoing world problems as reasons that support precious metals. Drops in price may give chances for new buyers when prices rise later.
Looking Ahead: Key Data and Decisions
Traders now watch new US reports. They expect key numbers such as the ISM Purchasing Managers Index and nonfarm payroll data. Talks from central banks in England and Europe may soon shift gold prices. Egypt’s market moves with world trends. Old assets like gold stay linked to broad economic facts and world events, even as digital funds grow in other parts of real item buying.
This report comes from Daily News Egypt and experts at iSagha, and it shows current gold trends in Egypt within the global market.
