Gold prices fell domestically by 0.6% by the end of the last week, after an international decline in gold prices by 0.2%. This decline was driven by the release of positive labor report indicators, speculating further interest rate decreases by the US Fed.
Saied Embabi, the Executive Director of Isagha platform, said that gold prices declined by EGP by the end of last week. He explained that the gram of 21-karat gold opened the weekly transaction at EGP 3600, and closed at EGP 3580. On the other hand, the ounce of gold opened the weekly transaction at $2658, and closed at $2653.
He added that the gram of 24-karat hit EGP 4091, 18-karat recorded EGP 3069, and 14-karat estimated at EGP 2387. The gold pound hit EGP 28640.
According to the platform, gold prices jumped in domestic markets by 12.8% since the beginning of 2024, and the ounce prices hiked by 28.7% in international markets due to the high gold demands of gold by several central banks, the escalations in the Middle East, and speculations of the near end of US Fed monetary restrictions.
The growing geopolitical escalations in the Middle East could push gold prices to surpass $2700 for the ounce by the end of the year.
Embabi asserted that these escalations are important factors for gold prices, as major traders prefer to depend on gold to keep their savings and protect their fortune from inflation.
He concluded that markets are anticipating the release of further economic data.
Contributed by: Rana Atef
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