Gold prices experienced a slight increase in local markets on Saturday, coinciding with the weekend closure of the global stock exchange. This modest rise follows a 0.2% gain in gold's value by the end of the week, bringing it to a record high of $2,532 per ounce.
This surge is largely driven by growing expectations that the U.S. Federal Reserve will lower interest rates in the coming month, a move that typically strengthens gold as a safe-haven asset.
Saeed Imbabi, CEO of the online gold and jewelry trading platform "iSagha," reported that gold prices increased by EGP 5 during today's trading compared to the close of trading on Friday. As a result, the price of 21-karat gold rose to EGP 3,465 per gram.
Meanwhile, gold per ounce closed the week at $2,512, marking a weekly increase of $4, or 0.2%. Other notable prices include 24-karat gold at EGP 3,960 per gram, 18-karat gold at EGP 2,970 per gram, and 14-karat gold at EGP 2,310 per gram. Additionally, the price of the gold pound stood at EGP 27,720.
On Friday, gold prices in local markets had already risen by EGP 5, with 21-karat gold opening at EGP 3,455 per gram and closing at EGP 3,460 per gram. In global markets, gold prices rose by $29 per ounce, starting at $2,483 and closing at $2,512 per ounce.
This upward trend continued into the start of the week, with global gold prices opening at $2,508 per ounce. Despite a brief dip to $2,490, prices quickly rebounded above the $2,500 mark. The peak came on Tuesday when gold hit an all-time high of $2,532 per ounce, although this high was short-lived as prices later retreated to $2,506.
Imbabi explained that gold prices experienced relative stability in the middle of the week, trading within a range of $2,500 to $2,519 per ounce. However, Thursday morning brought the release of worse-than-expected U.S. unemployment claims, which pushed gold down from $2,503 to a weekly low of $2,475 per ounce.
The final days of the week saw slow but steady movement, with prices eventually climbing back above $2,500. This resurgence was fueled by a speech from Federal Reserve Chairman Jerome Powell at the Jackson Hole Symposium, which bolstered market expectations of a possible rate cut.