Maturing Bank Certificates Boost Local Gold Demand, Gold Bullion Reports
August 4, 2026
By Daily News Egypt
Egypt’s gold market got fresh cash. Bank certificates reached their end. Cash moved quickly into gold. Buyer interest and quick funds helped push prices and imports higher.
Local Gold Prices on the Rise
Last week, 21-karat gold rose by 3%. The gain was about EGP 175 per gram. Prices opened at EGP 5,805 per gram and closed at EGP 5,980. At one point, the price hit EGP 6,010 in the month. Gold Bullion points out that gold moved above the EGP 5,900 mark. The price stayed above EGP 5,800 per gram. It slowed near the EGP 6,000 level.
After earlier swings from far-away tensions, 21-karat gold gained back ground. It now adds about EGP 150 per gram, around 2.5% for the year in local terms.
Weak Egyptian Pound Supports Local Market
Egypt’s gold market does not follow the world trend. Global prices dropped by 6.2% so far in 2026. This drop means about $274 less per ounce. Gold Bullion links the stronger local market to a weaker Egyptian pound when compared to the US dollar. Last week, the US dollar grew 1.6% against the pound and closed at EGP 51.40. Since early July, the dollar gained roughly 4.3% or about EGP 2. Geopolitical risks, especially the conflict with Iran, put pressure on the pound. Fears made investors pull funds. In just two weeks, about $1.92 billion left Egypt’s debt markets.
Supply and Demand Strengthen Gold
Gold Bullion shows that local gold now has a higher markup over fair value. This change signals fewer sellers and many eager buyers. Lower gold prices attract more buyers. The summer break and buyers returning from abroad add to this push. Maturing bank certificates freed cash. This cash straightened its path into gold as a savings choice.
Surge in Gold Imports
During the first half of 2026, gold imports jumped to $4.05 billion. This figure is more than fifteen times the $249.6 million of the same period in 2025. Gold now tops all imports outside of petroleum. It makes up 8.4% of all non-oil imports.
Strong local need drives these imports. Gold goes to both local use and processing plants. Prices in Egypt stay close to global price shifts and changes in exchange rates.
World Gold Prices
On the world stage, gold prices posted a gain this week after falling for two weeks. Spot gold climbed by 0.9%. It rose up to $4,166 per ounce and then settled near $4,052 per ounce. For a time, gold moved past the $4,080–$4,100 area but then slowed.
An 11% jump in oil prices pushed gold higher. Oil passed the $100 per barrel mark. Tensions between the United States and Iran and the stop in the Hormuz Strait played a part. This strait carries around 20% of energy needs worldwide.
Oil price moves bring worries about rising costs. Markets now expect high rates for a long time. Two rate increases by the US Federal Reserve might come this year. One rise seems likely in the upcoming September meeting.
Effects on Dollars and Bonds
The US dollar hit a three-week high. It grew 0.7% over the week. US Treasury yields moved to their highest levels in more than 18 months. These changes usually pull down interest in assets without yields like gold. Yet, ongoing regional risks and worries about sustained conflict help keep gold attractive.
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