Gold prices declined in local markets during Thursday's midday trading, following a drop in global gold prices as markets reacted to the latest US inflation data.
According to Eng. Saeed Imbaby, Executive Director of the "iSagha" platform for online gold and jewelry trading, prices fell by approximately EGP 40 compared to Wednesday's closing rates.
The price of 21-karat gold, the most popular grade among consumers, settled at EGP 3,820 per gram. Globally, gold prices decreased by $23 per ounce, with the current rate standing at $2,688.
Imbaby also highlighted the updated prices for other gold grades in the local market. The price of 24-karat gold, the highest purity, is now EGP 4,366 per gram. Meanwhile, 18-karat gold is trading at EGP 3,274 per gram, while 14-karat gold has reached EGP 2,547 per gram. For the gold pound coin, which weighs 8 grams of 21-karat gold, the current price is EGP 30,560.
Wednesday saw a contrasting trend, as gold prices rose in both local and global markets. In Egypt, the price of 21-karat gold increased by EGP 60 during the day, opening at EGP 3,800 per gram and closing at EGP 3,860 per gram.
On the international stage, gold prices experienced a $25 jump per ounce, moving from $2,692 at the start of trading to $2,717 by the day's end.
Imbaby explained that gold prices have now reversed their gains following three consecutive days of upward momentum. Earlier increases were driven by favorable market factors, including a rate cut by the European Central Bank and a rise in US unemployment claims, which surpassed expectations.
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