Local Gold Prices Stabilize Amid Renewed Concerns Over US Banking Crisis

Gold prices have remained consistent in local markets amidst the global stock market hiatus this weekend. Said Embabi, the Chief Executive Officer of the online gold and jewelry trading platform "iSagha," confirmed that local market gold prices have been resilient, with the price for 21-karat gold recorded at 2,200 Egyptian pounds per gram, and the international ounce rate stabilizing at $1,919.

Embabi further broke down the local market metrics: 24-karat gold stands at 2,514 Egyptian pounds per gram, 18-karat at 1,886 pounds, 14-karat resting at 1,467 pounds, and the standardized gold pound is priced at 17,600 Egyptian pounds. It's noteworthy that gold prices in local markets edged up by 10 Egyptian pounds during the previous day's trade, showcasing a minor fluctuation, particularly in the 21-karat category.

While local stability prevails, global gold prices hint at potential volatility in the coming days. The precious metal is increasingly being viewed as a financial safe haven, given the looming concerns in the banking sector. Recent data from the Federal Deposit Insurance Corporation (FDIC) showcases a disturbing trend: a consecutive fifth-quarter drop in deposits in FDIC-insured banks as of June 30th. This trend represents the most significant quarterly plunge ever recorded, fueling investor anxiety.