Local Gold Prices Drop as 21-Karat Reaches EGP 2210

Local gold prices took a downward turn during Monday's trading sessions, while global gold ounce prices remained stable. The fluctuating dollar, impacted by the uncertainty surrounding the upcoming decision of the US Federal Reserve on interest rates, played a pivotal role in influencing market dynamics.

This was exacerbated by the release of last Friday's US employment data which indicated a rise in unemployment rates and a decline in both monthly and yearly wage rates, signaling a potential weakness in the job market.

Saeed Imbabi, the Executive Director of "iSagha" an online platform for gold and jewelry trading, noted a drop of around EGP 10 in local gold prices compared to the close of the previous week's trading session on Saturday evening. This decline was attributed to a diminished demand. As a result, the price of a 21-Karat gold gram settled at EGP 2210, while the global market saw stability in the price of an ounce at 1940 dollars.

Imbabi also indicated that the price of a 24-karat gold gram reached EGP 2526, while an 18-karat gold gram settled at EGP 1894. Moreover, a 14-karat gold gram was priced at EGP 1474, and the value of the gold pound reached EGP 17680.

In the previous week, local gold prices observed a decrease of approximately EGP 45, translating to a 2% drop. The week began with the price of a 21-karat gold gram at EGP 2265 and concluded at EGP 2220. Concurrently, the global market recorded an upward movement of 25 dollars, reflecting a 1.3% increase in the value of an ounce. The week's trading commenced at 1915 dollars, reached a peak of 1948 dollars, and ultimately closed at 1940 dollars. As the market navigates these fluctuations, investors are keenly awaiting the Federal Reserve's upcoming decision on interest rates, contributing to the ongoing air of uncertainty.