Gold Prices Rise in Egypt Amid Global Market Fluctuations

Gold prices in Egypt's local markets increased on Tuesday, even as global prices dipped due to profit-taking and reduced expectations of a U.S. Federal Reserve interest rate cut. Investors are now keenly awaiting the release of U.S. inflation data this Friday.

Engineer Saeed Embabi, CEO of the online gold and jewelry trading platform "iSagha," reported that gold prices rose by EGP 30 during today's trading sessions compared to yesterday's close. The price of 21-karat gold now stands at EGP 3,150 per gram, while the price per ounce fell by approximately $8 to $2,347.

Embabi also noted that 24-karat gold is priced at EGP 3,600 per gram, 18-karat gold at EGP 2,700 per gram, and 14-karat gold at EGP 2,100 per gram. The price of a gold pound has reached EGP 25,200.

On Monday, local gold prices increased by EGP 5. The price of 21-karat gold opened at EGP 3,115 per gram and closed at EGP 3,120 per gram. Meanwhile, global gold prices rose by $21, with the price per ounce starting at $2,333, peaking at $2,356, and closing at $2,354.

Embabi explained that recent developments have influenced gold prices. The diminished likelihood of a U.S. interest rate cut has limited global demand for gold, prompting investors to sell and take profits. Additionally, recent robust U.S. economic data gives the Federal Reserve more room to maintain current interest rates longer as part of its strategy to combat inflation.

Gold price fluctuations are closely monitored by investors and market analysts, especially given ongoing economic developments and central bank policies. As the U.S. inflation data release approaches, markets remain vigilant, anticipating its impact on future gold price trends.