Egyptian Gold Prices Stabilize After Week's Steepest Drop in a Month
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Egyptian 21-karat gold fell 280 Egyptian pounds week-over-week to 6,160–6,170 pounds per gram by Nov. 1, marking the largest single-day drop in a month on Oct. 31 at 125 pounds (2.2%). Despite the global ounce falling 6.8% in October, local prices for the full month rose 0.9% due to the Egyptian pound's 7.1% depreciation. Gold expert Saied Emababi projects a possible corrective scenario of $3,750–$3,850 per ounce for November. The US dollar stabilized against the Egyptian pound at 55.99–56.09 pounds at the Central Bank of Egypt.
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