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🇪🇬 Egypt /Economy & Trade

Global Gold Prices Dip, On Track for Monthly Gain Amidst Rate Speculation

From Al-Masry Al-Youm · () Arabic

Translated from Arabic, summarized and contextualized by DistantNews.

At a glance

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  • Global gold prices declined on Friday, July 31, 2026, but were on track for their first monthly gain in five months.
  • Investors are assessing Middle East developments and their impact on US interest rate expectations, while the dollar strengthened slightly.
  • In Egypt, gold prices stabilized mid-day, with 21-carat gold holding its recent gains, unaffected by the global dip.

Global gold prices saw a slight dip on Friday, July 31, 2026, yet remained poised to achieve their first monthly gain in five months. This upward trend is supported by bargain-hunting purchases as prices neared the $4,000 per ounce mark. Investors are closely monitoring developments in the Middle East and their potential influence on US interest rate forecasts.

During intraday trading, the global spot gold price fell by 0.5% to $4,076 per ounce. Despite the daily decrease, gold was heading for a weekly gain of approximately 0.7% and a monthly increase of 1.8%. US gold futures for August delivery also saw a 0.5% drop, settling at $4,079 per ounce.

Global gold prices fell by 0.5% during intraday trading, reaching $4,076 an ounce, but were on track for a weekly gain of about 0.7% and a monthly rise of 1.8%.

— ReutersReporting on the global gold market performance.

The US dollar index rose by 0.3% globally, recovering from a significant 2.4% drop the previous day. A stronger dollar typically makes dollar-denominated commodities more expensive for buyers using other currencies.

US gold futures for August delivery fell 0.5% to $4,079 an ounce.

— ReutersDetailing the performance of US gold futures.

The US Federal Reserve maintained interest rates unchanged earlier in the week, with its chairman offering few clues about future monetary policy. Markets are currently pricing in a 63% probability of a rate hike in September. Gold is traditionally viewed as an inflation hedge, but rising interest rates can diminish its appeal by increasing the opportunity cost of holding a non-yielding asset.

In Egypt, gold prices stabilized mid-day on Friday. The most traded 21-carat gold held its recent gains of approximately 40 Egyptian pounds. Specific prices included 24-carat gold at 6,811 Egyptian pounds, 21-carat gold at 5,960 pounds, and 18-carat gold at 5,108 pounds per gram, excluding taxes and craftsmanship fees. Gold jewelry prices in Egypt are calculated based on the weight of the gold, not its purity.

The US dollar index rose 0.3% globally, after falling 2.4% on Thursday in its largest one-day drop since January 2023.

— ReutersDescribing the movement of the US dollar.
DistantNews Editorial

Originally published by Al-Masry Al-Youm in Arabic. Translated, summarized, and contextualized by our editorial team with added local perspective. Read our editorial standards.

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