Gold price in Egypt today, Thursday, January 22, 2026
Global gold price
Gold prices got off to a strong start in 2026, rising 11% in the first weeks of January and reaching an all-time high of nearly $4,900 on Wednesday, before correcting today after Trump's comments on Greenland and the cancellation of customs duties on NATO countries.
However, Goldman Sachs has raised its gold price forecast again, with analysts this time identifying a new source of demand to justify the higher target price.
This driver is private sector purchases, which are mostly pumped into the market through exchange-traded funds, driven by the appeal of diversification and hedging against geopolitical risks.
These buyers are now competing for the limited quantities of gold available with central banks, whose massive purchases over the past three years have played a major role in the skyrocketing price of gold from around $1,800 in January 2023.
Goldman Sachs and many other observers point out that the freezing of the Russian central bank's reserves was a decisive factor in changing the view of other central bankers on how to allocate their reserves. Before Russia's invasion of Ukraine, central banks' average gold purchases were around 17 metric tons per year, but this has now risen to around 60 tons.
Goldman Sachs' forecast is currently among the highest for gold prices in the market, but among the major investment banks on Wall Street, Michael Hartnett of Bank of America's prediction that gold will reach $6,000 by spring 2026 is the most daring.
Gold prices in Egypt
Gold prices rose in Egypt on Thursday, trading near historic levels, with 21-karat gold, the most traded in Egypt, reaching EGP 6,460.
The price of 24-karat gold reached 7,383 pounds, while 18-karat gold traded at 5,537 pounds per gram.
On the other hand, the price of the dollar fell today to 47.60 pounds, with the price of the dollar falling within official banks in Egypt to 47.30 pounds, while the price of the dollar remained stable on the black market at 47.77 pounds.
