Business
Egypt Gold Prices Steady After Saturday Drop; Central Bank Raises Rates 1%
November 1, 2026 at 03:26 AM
Egypt gold prices steadied at Sunday's opening after a Saturday drop, as the central bank announced its first hike in 2.5 years.
- Gold prices in Egypt fell on Saturday and held steady at the opening of Sunday trading, with 21-karat gold at about 6,160–6,165 pounds.
- Global gold slipped 3.65 percent to about 3,874 dollars an ounce, with world metal exchanges closed Sunday for a holiday.
- Nadi Naguib, former secretary-general of the Gold Division, said the decline reached about 35 pounds by Saturday evening trading.
- Egypt's central bank raised rates by one percentage point, lifting the deposit rate to 20 percent, its first hike in 2.5 years.
Market angle
- Higher rates widen lending margins. — may benefit: Banks
- Higher rates raise consumer lenders' and lessors' funding costs and slow borrowing. — may weigh on: Consumer finance & leasing
- Higher rates raise the interest that payment companies earn on the cash they hold for customers. — may benefit: Fintech & payments
- Higher rates raise financing costs and cool buyers' demand. — may weigh on: Real estate, Automobiles, Contracting & construction
Not investment advice.