On Tuesday, gold prices in Egypt’s local markets rose, despite a decline in global prices as a result of profit-taking and diminished expectations of a U.S. Federal Reserve interest rate cut. Investors are eagerly anticipating the release of U.S. inflation data this Friday.
According to Engineer Saeed Embabi, CEO of the online gold and jewelry trading platform “iSagha,” gold prices increased by EGP 30 during today’s trading sessions in comparison to yesterday’s close. The current price of 21-karat gold is EGP 3,150 per gram, while the price per ounce has decreased by approximately $8 to $2,347.
Embabi also observed that 24-karat gold is priced at EGP 3,600 per gram, 18-karat gold at EGP 2,700 per gram, and 14-karat gold at EGP 2,100 per gram. The price of a gold pound has reached EGP 25,200.
Local gold prices rose by EGP 5 on Monday. The opening price of 21-karat gold was EGP 3,115 per gram, and it closed at EGP 3,120 per gram. In the interim, the price of gold on a global scale increased by $21, with the price per ounce commencing at $2,333, reaching a high of $2,356, and concluding at $2,354.
Embabi clarified that gold prices have been affected by recent developments. The global demand for gold has been restricted as a result of the decreased probability of a U.S. interest rate cut, which has prompted investors to sell and take profits. Furthermore, the Federal Reserve has been granted additional flexibility to sustain current interest rates for an extended period as part of its inflation-fighting strategy, as evidenced by the recent robust economic data from the United States.
Investors and market analysts closely monitor fluctuations in gold prices, particularly in light of ongoing economic developments and central bank policies. Markets remain vigilant as the U.S. inflation data release approaches, anticipating its influence on future gold price trends.