Gold Prices Remain Stable in Local Markets, 21-Karat Gold at EGP 3,440

Gold prices in Egypt’s local markets remained relatively stable on Saturday, coinciding with the global market's weekend closure.

This stability follows a slight decline in gold prices at the end of the week, driven by a U.S. Department of Commerce report indicating continued inflation decline as reflected in July's Core Personal Consumption Expenditures (PCE) Price Index. The report has reduced the likelihood of a 50 basis point interest rate cut by the Federal Reserve at its upcoming September meeting.

Saeed Imbabi, CEO of the "iSagha" online platform for gold and jewelry trading, noted that gold prices have held steady in local markets compared to the previous day's trading. As of today, 21-karat gold is priced at EGP 3,440 per gram, while the global ounce price closed at $2,503, marking a weekly increase of 0.4%, or $9.

Imbabi also reported that 24-karat gold is priced at EGP 3,931 per gram, 18-karat gold at EGP 2,949 per gram, and 14-karat gold at EGP 2,294 per gram. The price of a gold pound stands at EGP 27,520.

On Friday, local gold prices saw a decrease of EGP 10, with 21-karat gold opening at EGP 3,450 per gram and closing at EGP 3,440 per gram. Concurrently, global gold prices dropped by $18, with the ounce starting the day at $2,521 and closing at $2,503.

According to "iSagha," global gold prices have risen by 2.2%, or $54, over the past week. The ounce opened at $2,449, and peaked at $2,532 on August 20th—a record high for gold—before closing at $2,503.