Gold prices in Egypt experienced fluctuations during mid-trading on Thursday, reflecting a mix of local and global market dynamics. Internationally, gold prices showed a modest recovery, driven by increased expectations of an interest rate cut by the U.S. Federal Reserve at its December meeting.
Saeed Embabi, CEO of the online gold and jewelry trading platform "iSagha," reported that local markets saw volatile trading throughout the day.
The price of 21-karat gold, the most popular in the Egyptian market, slipped to EGP 3,670 per gram after opening at EGP 3,680. On the global stage, gold gained $10 per ounce, closing at $2,646.
Other gold prices in the local market included 24-karat at EGP 4,194 per gram, 18-karat at EGP 3,146, and 14-karat at EGP 2,447. The price of a gold pound, weighing 8 grams of 21-karat gold, reached EGP 29,360.
Embabi noted a rise of EGP 20 in local gold prices during Wednesday's trading. The price of 21-karat gold started the day at EGP 3,650, peaked at EGP 3,695, and closed at EGP 3,670. Meanwhile, global gold markets showed a $4 increase per ounce, closing at $2,636 after starting the day at $2,632.
The fluctuation in local gold prices is partially attributed to a dip in the U.S. dollar exchange rate within Egypt and a slowdown in gold sales. The Central Bank of Egypt reported the dollar at EGP 49.66.
Embabi predicts a recovery in local gold sales during the latter half of December as consumer demand typically rises ahead of Christmas and New Year celebrations.
Globally, gold prices have begun to recover from Tuesday’s sharp drop. Market analysts attribute this to growing speculation that the Federal Reserve will cut interest rates by 25 basis points at its December 18 meeting, a move likely to bolster gold’s appeal as a safe-haven asset.
Follow the latest news on Google News
