Gold Prices Fall by EGP 35 in Local Markets Over the Past Week

Gold prices in Egypt’s local market dropped by 35 EGP over the past week, equating to a 0.9% decline, while global gold markets saw minimal movement. The slight dip comes amid signals from the U.S. Federal Reserve indicating a slower pace of interest rate cuts by 2025, according to a report from "iSagha," an online platform specializing in gold and jewelry trading.

Saeed Embabi, CEO of iSagha, explained that the price of 21-karat gold opened last week’s trading at 3,770 EGP per gram and closed at 3,735 EGP. Other gold grades experienced similar declines, with 24-karat gold priced at 4,269 EGP per gram, 18-karat gold at 3,201 EGP per gram, and 14-karat gold at 2,490 EGP per gram. The price of a gold pound, approximately eight grams, ended the week at 29,880 EGP.

Global gold prices were largely stable, with the price of an ounce slipping by just $1 over the week. It opened trading at $2,622 and closed at $2,621, reflecting cautious market movements. This stability coincided with a weekend pause in the global bullion market.

On Saturday, local gold prices dipped by an additional 5 EGP during the day’s trading. The 21-karat gold price began the day at 3,740 EGP and concluded at 3,735 EGP. The drop aligned with muted international activity due to the global market’s closure for the weekend.

Embabi noted that expectations of a potential interest rate cut by the U.S. Federal Reserve, following recent personal consumption expenditure data in the United States, have helped temper gold’s decline in the global market. This anticipation has contributed to a stable outlook for gold prices despite ongoing market pressures.