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Local Gold Prices Rise by 80 EGP Amid Global Market Rally


Gold Prices, gold

Sun 26 Jan 2025 | 09:00 PM
Waleed Farouk

Gold prices surged locally and globally last week, reflecting market reactions to US President Donald Trump’s call for central banks worldwide to cut interest rates.

In Egypt, gold prices rose by approximately 80 EGP per gram, while global gold prices saw a $68 increase per ounce, driven by heightened demand and market uncertainty.

Saeed Imbabi, CEO of iSagha, an online gold and jewelry trading platform, reported that the price of 21-karat gold, Egypt’s most popular benchmark, began the week at 3,780 EGP per gram, touched a high of 3,860 EGP, and closed the week at the same level. Other local prices included 24-karat gold at 4,411 EGP per gram, 18-karat gold at 3,309 EGP, and 14-karat gold at 2,574 EGP. A gold pound was priced at 30,880 EGP by the end of the week.

Globally, gold began the week at $2,703 per ounce, briefly dipped to $2,690, and climbed to a weekly peak of $2,786 on Friday before settling at $2,771 by the week’s close. The metal remained resilient, with strong support above $2,700, reflecting investor confidence in gold as a hedge against market volatility.