Essentials
The price per gram of 18-carat gold is currently trading between 360 and 370 dinars in Sfax, compared with 350 to 360 dinars a few days earlier. It thus recovers about 10 dinars per gram, but remains still 80 to 90 dinars below the near-450 dinars level observed locally about two months ago.
After having fallen to around 350–360 dinars a few days earlier, the 18-carat gold per gram is now trading between 360 and 370 dinars in Sfax. The yellow metal thus regains about ten dinars per gram, without reaching the near-450 dinars level locally reached about two months ago.
This rebound comes in a market that remains highly volatile, influenced both by international prices, the exchange rate between the dinar and the dollar, tensions in the Middle East, and the commercial strategies of Tunisian manufacturers and jewelers.
On the World Market, the Ounce Falls Back Below $4,100
Internationally, the price of gold fell back, on Thursday July 23, 2026, below the $4,100 per ounce mark, moving away from its high over the past two weeks.
The day before, Wednesday July 22, the yellow metal closed higher by more than $75, marking a second consecutive session of gains, driven notably by the retreat of the U.S. dollar index.
The move, however, remains nerve-wracking. Tensions in the Middle East support demand for gold as a safe haven, while rising oil prices can rekindle inflation fears and delay any easing of U.S. monetary policy.
High, sustained interest rates, on the contrary, tend to penalize gold, which yields no income. The yellow metal thus moves between several sometimes contradictory forces: risk aversion, the level of the dollar, inflation prospects, and the decisions of major central banks.
In Tunisia, a Rebound of About 10 Dinars
Over the week, local prices have also undergone significant fluctuations.
Around July 20, the 18-carat gram was still trading between 350 and 360 dinars in Sfax. It is now offered between 360 and 370 dinars, a rise of about 10 dinars per gram in just a few days.
Taking as a reference an average price moving from 355 to 365 dinars, the increase amounts to about 2.8%.
A few days earlier : 350 to 360 dinars per gram.
Current price in Sfax : 360 to 370 dinars per gram.
Change : about a 10-dinar increase, i.e., around 2.8% based on the average prices.
This rebound remains limited relative to recent levels. About two months ago, the 18-carat gold per gram approached 450 dinars in Sfax. It was indeed a local per-gram price, not to be confused with the international price of the ounce.
The current tariff therefore remains 80 to 90 dinars per gram below that peak. For a 10-gram piece, the gap still amounts to between 800 and 900 dinars.
The Tunisian market appears to have begun a light rebound after a sharp correction, without returning to the exceptionally high prices observed in the spring.
The Market Adapts More to Geopolitical Shocks
Wajih Mosfar, president of the Chamber of Jewelers Artisans of Sfax, explained to Tunisie Numérique that gold had risen sharply on Wednesday July 22 before retreating slightly.
According to him, the yellow metal is overall starting to progressively regain its value and move in an upward trend, despite the persistence of tensions in the Middle East and the rise in oil prices.
The market would also have become more adaptable to global economic and geopolitical developments. An escalation of hostilities or a new international tension does not necessarily trigger an immediate and lasting rise in the price of gold.
Investors now simultaneously incorporate the evolution of the dollar, monetary policies, energy prices, and global growth prospects.
Nevertheless, the yellow metal retains its status as a safe haven. In times of war, economic uncertainty, or financial tensions, some investors continue to turn to gold to protect their wealth.
Why Doesn’t the Global Decline Immediately Translate in Tunisia?
The passage of the ounce below $4,100 does not mean that prices will automatically fall in Tunisian jewelry shops.
The amount paid by consumers is not determined solely by the international price. It is also influenced by the exchange rate between the dinar and the dollar, the price at which the jeweler has stocked up, the gold fineness of the piece, the production cost, and the commercial margin.
An artisan who bought stock when prices were higher cannot always lower prices immediately without risking selling at a loss.
Conversely, some manufacturers may accept a smaller margin to clear production, keep workshop activity going, and repurchase raw material under better conditions.
A decline observed on international markets can therefore take several days, or longer, to translate into prices practiced in Tunisia.
What to Keep in Mind Before Buying
An advertised price cannot be compared in isolation. Before buying jewelry, it is useful to ask for the exact weight of the piece, its carat value, and the price per gram.
It is also important to distinguish the value of gold from the cost of craftsmanship. Intricate artisanal work, special finishes, or the presence of decorative stones can legitimately raise the final price of the jewelry.
Also worth checking are the resale conditions. A jewelry piece sold at 360 or 370 dinars per gram will not necessarily be bought back at the same price, since labor and the commercial margin are not typically recovered on resale.
Regional price gaps, the particular weight of Sfax in manufacturing, and the comparison between 18- and 9-carat gold are detailed in our dossier on the Tunisian gold market: Gold Market: Sfax posts the lowest prices in the country, with a gap of up to 60 dinars per gram.
In Summary
After losing as much as nearly 100 dinars from its recent peak, the 18-carat gold per gram has regained about 10 dinars in a few days in Sfax. It remains nonetheless 80 to 90 dinars below the level near 450 dinars observed about two months earlier. This evolution confirms the strong volatility of the Tunisian market, where prices move with global prices, the dollar, and geopolitical tensions, without international movements translating immediately into shop displays.
