Egyptian Gold Drops for Third Straight Day as Pound Strengthens

Gold prices in Egypt fell a further 20 pounds during evening trading Nov. 1 to 6,140 pounds for the 21-karat gram, marking a third consecutive day of losses. The intraday drop was driven by a strengthening Egyptian pound rather than global price moves, as international markets were closed. Foreign investors withdrew $3.5 billion from Egyptian treasury bills in October — more than four times September's outflows — adding pressure on the pound. The Central Bank of Egypt raised base interest rates by 100 basis points to 20% and 21% on Oct. 29. Despite the global and recent local losses, Egyptian local gold prices are up 5.7% over the first 10 months of 2026 due to pound weakness. Standard Chartered warns of deeper corrections toward $3,800–$3,600 on a break below $3,886, while UBS targets $5,000 long-term.