Gold prices in Egypt’s local markets climbed by 6.3% in October, while international gold prices increased by 4.4%, driven by the escalating conflict in the Middle East and heightened expectations for interest rate cuts by central banks, according to a report from “iSagha,” an online platform for gold and jewelry trading.
Eng. Saeed Imbaby, CEO of “iSagha,” reported that Egyptian gold prices rose by EGP 225 in October. The price of a gram of 21-karat gold began the month at EGP 3,560, peaked at EGP 3,800, and ended at EGP 3,785. Meanwhile, international gold prices increased by $116, starting the month at $2,631 per ounce, reaching a historic high of $2,790, and closing at $2,747.
On Saturday, Egyptian gold prices fell slightly by EGP 10 compared to Friday’s close, with 21-karat gold priced at EGP 3,765. This drop coincided with the weekend closure of global markets.
Current prices for other gold types in Egypt include 24-karat at EGP 4,303 per gram, 18-karat at EGP 3,227, and 14-karat at EGP 2,510, while a gold pound coin is priced at EGP 30,120.
On Friday, gold prices in Egypt also dropped by EGP 10, with the 21-karat gold opening at EGP 3,785 and closing at EGP 3,775. Internationally, gold slightly decreased by $11 per ounce, from $2,747 to $2,736.
Imbaby noted ongoing instability in both local and global gold markets due to economic uncertainty surrounding the upcoming U.S. elections and an anticipated decision from the Federal Reserve this week.
Global gold prices experienced volatility on Friday, briefly reaching $2,760 following U.S. non-farm payroll data that showed an unexpected drop to only 12,000 jobs added in October, far below the forecasted 113,000. Gold finished the week at $2,736 per ounce.
Gold prices were also influenced by a drop in the manufacturing Purchasing Managers’ Index (PMI), which recorded a decline in activity to 46.5 in October from 47.2 in September, signaling further economic concerns.
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