Gold in Egypt Jumps as Markets Await Warsh’s Jackson Hole Speech; 21-Karat Hits 6,490 Pounds — BigGo Finance

Gold prices in the Egyptian market jumped at the start of trading on Friday, August 28, 2026, driven by widespread global anticipation of U.S. Federal Reserve Chair Kevin Warsh’s speech at the Jackson Hole Symposium, which is expected to outline the trajectory of monetary policy in the coming months.

The price of 21-karat gold per gram, the most widely traded among Egyptians, rose to 6,490 pounds for selling versus 6,425 pounds for buying, according to data from the “iSagha” platform, excluding fabrication and stamping fees, which vary from one dealer to another depending on design and location.

24-karat gold, the highest purity, recorded approximately 7,417 pounds for selling and 7,343 pounds for buying, while 18-karat reached around 5,563 pounds for selling and 5,507 pounds for buying. The gold pound coin, favored by savers looking to avoid high fabrication costs, reached 51,920 pounds for selling versus 51,400 pounds for buying.

The following are average gold prices in Egypt today, excluding fabrication fees:

Note: Actual prices vary among gold shops depending on fabrication fees, stamping charges, and jewelry design.

Global Decline Despite Local Gains

On the global front, gold took a path opposite to the local rally, as the yellow metal fell 0.5% in spot trading to $4,576.30 per ounce, after having hit its highest level in more than three months earlier in the week. U.S. gold futures also declined 0.8% to $4,629 per ounce.

The pullback comes as investors await any signals from Warsh regarding the trajectory of inflation and interest rates, especially after the July Personal Consumption Expenditures index showed inflation holding steady at 3.7% on an annual basis.

The CME Group’s FedWatch Tool indicates that traders see a 33.9% probability of a rate hike in September, while the probability jumps to 74% by December. This divergence in expectations represents the central focus of the Fed Chair’s speech, as any hawkish tone could push Treasury yields and the dollar higher, which typically pressures gold as a non-yielding asset.

Signals from India on the Horizon

In a separate development, gold and silver futures in India declined amid reports of government discussions to cut import duties from 15% to 6%, the level at which they stood before the increase last May. No final decision has been issued yet, but any potential reduction could alter demand dynamics in one of the world’s largest bullion-importing markets.

Analysts believe that a duty reduction could unleash pent-up demand, particularly for silver; however, circulating claims about a critical decline in Indian commodity exchange inventories and an imminent global shortage have not been independently verified.

Critical Technical Levels

From a technical standpoint, gold is currently trading around $4,610 per ounce, after moving within a range of $4,568.51 to $4,616.79 during recent sessions. The $4,568–$4,570 level represents the first support zone, while the recent peak near $4,670 constitutes the nearest resistance.

Momentum indicators point to relative neutrality, with the Ultimate Oscillator at 47.62 points—below the neutral 50 level but far from oversold territory. This leaves the door open to two scenarios: either a continuation of the rally if the price holds above $4,568 and breaks through $4,617, opening the path toward $4,700 and then $4,782, or a slide toward the psychological $4,500 level and then $4,400 if the first support is breached.

The factors influencing gold prices in Egypt remain multidimensional, as global metal movements intertwine with currency exchange rates, U.S. monetary policy developments, along with local supply-and-demand dynamics and fabrication costs that vary from one region to another.

Traders are also closely monitoring the preliminary employment data revision, the University of Michigan consumer confidence reading, and inflation expectations, with consumer confidence expected to remain at 51.0 points and a prior inflation expectations reading of 4.3%—data that could add further clarity to gold’s trajectory in upcoming sessions.