Gold Price Today, Friday, May 1, 2026
Global Gold Price
Gold prices fell by more than 1% on Friday before recouping some of their losses and rising from $4,560 to $4,590 per ounce, However, prices are still on track for a similar weekly loss, as high oil prices continued to fuel inflation fears that could deter central banks from cutting interest rates.
Gold remains inversely correlated with oil in the short term, given its impact on interest rate expectations.
Iran stated on Thursday that it would respond with long-range, painful strikes against U.S. targets if Washington renews its attacks, reiterating its claim to the Strait of Hormuz.
Inflation accelerated in the United States in March as gasoline prices rose due to the war, reinforcing expectations that the Federal Reserve will keep interest rates steady until next year.
The European Central Bank and the Bank of England also kept interest rates unchanged on Thursday, following similar decisions by the Federal Reserve and the Bank of Japan this week.
On the other hand, gold is likely to rise again due to uncertainty surrounding the upcoming U.S. midterm elections, expectations of a weakening U.S. dollar over time, investment demand for gold, and continued support from central banks.
These factors could push prices toward $6,000 per ounce by late 2026, especially if the ongoing tensions in the Middle East end with the opening of the Strait of Hormuz and the return to normalcy.
Gold Prices in Egypt
Gold prices in Egypt rose today, Friday, despite a global decline in prices. The exchange rate is what drove the local rise in gold prices, with the price of 21-karat gold—the most traded in Egypt—reaching 6,965 pounds.
The price of 24-karat gold is trading at 7,960 pounds, while 18-karat gold is trading at 5,970 pounds per gram.
On the other hand, the price of the gold dollar rose today to 53.9 pounds, with the dollar rising to 53.67 pounds at official banks in Egypt.
The dollar also rose in the parallel market and is now trading at 53.96 pounds.
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