Egypt’s local gold prices have surged over the years, with the price of 21-karat gold rising from 1,000 EGP in March 2021 due to exchange rate disruptions in Egypt’s parallel market to 2,000 EGP in March 2023 amid a global banking crisis.
The price then climbed to 3,000 EGP in December 2023 following the US Federal Reserve’s decision to end its interest rate hike cycle and reached 4,000 EGP in February 2025 as geopolitical tensions escalated, according to BTC and Reuters.