Egypt’s H1 Gold Imports Surge 15-Fold to $4.05 Billion as Pound Weakens

1 articles · Updated · Daily News Egypt · Jul 25

$4.05 billion of gold entered Egypt in the first half of 2026, up from $249.6 million a year earlier, making gold the country’s largest non-petroleum import with an 8.4% share.
Gold Bullion linked the jump to stronger domestic demand after high-yield savings certificates matured and released liquidity, while summer buying and purchases by Egyptians returning from abroad added support.
The weaker pound amplified that demand: the dollar rose 1.6% against the Egyptian currency last week to EGP 51.40, after about $1.92 billion in foreign funds exited Egypt’s debt market over two weeks.
Local prices reflected the squeeze, with 21-karat gold rising 3% in a week to EGP 5,980 per gram after breaking EGP 5,900 resistance, though the rally stalled near EGP 6,000.
Globally, spot gold still gained 0.9% on the week to $4,052 an ounce as an 11% oil-price jump and US-Iran tensions boosted safe-haven demand despite a stronger dollar and higher Treasury yields.