Gold prices in local and global markets dropped sharply on Monday, driven by profit-taking and the appointment of Scott Besant as the new U.S. Treasury Secretary.
Eng. Saeed Imbabi, CEO of the online gold and jewelry trading platform “iSagha,” reported that gold prices in local markets decreased by EGP 100 compared to Saturday’s closing rates.
The price of 21-karat gold, the most traded in the local market, fell to EGP 3,680 per gram, while the global gold ounce price dropped by $74, reaching $2,642.
Other gold prices in the local market also witnessed declines. The price of 24-karat gold dropped to EGP 4,206 per gram, 18-karat gold fell to EGP 3,154 per gram, and 14-karat gold was priced at EGP 2,454 per gram. The gold pound (8 grams of 21-karat gold) fell to EGP 29,440.
According to iSagha’s weekly report, gold prices in local markets had increased by 6.3%, equivalent to EGP 225 per gram, during last week’s trading. The price of 21-karat gold opened the week at EGP 3,555 per gram and closed at EGP 3,780. Globally, gold prices rose by 6%, with the ounce gaining $153, climbing from $2,563 at the start of the week to $2,716 by the weekend.
However, Imbabi highlighted a slowdown in local market sales and a decrease in raw gold exports.
Imbabi explained that global gold prices fell by 1.4% during midday trading on Monday as investors took profits after gold hit a two-year high at the end of last week.
The appointment of Scott Besant as the new U.S. Treasury Secretary, replacing Janet Yellen, also influenced the market. Besant, a Wall Street veteran, is expected to moderate some of Donald Trump’s more extreme economic and trade policies. This has likely calmed markets and reduced demand for gold as a safe-haven asset.
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