Gold prices in local markets saw a slight decline on Tuesday, even as global gold prices experienced a minor increase. This fluctuation comes amid market anticipation of the U.S. Federal Reserve meeting scheduled for Wednesday, which will decide the future of interest rates.
Saeed Embabi, the CEO of "iSagha" platform for online gold and jewelry trading, reported that gold prices in local markets dropped by 5 EGP during today's trading, compared to the closing prices of yesterday. The price of 21-carat gold now stands at 3260 EGP per gram. Meanwhile, the global price of an ounce of gold rose by approximately 3 USD, reaching 2386 USD.
Embabi added that the price of 24-carat gold is now 3726 EGP per gram, 18-carat gold is 2794 EGP per gram, and 14-carat gold is 2174 EGP per gram. The price of a gold pound is approximately 26080 EGP.
On Monday, gold prices in local markets had already declined by 10 EGP, with 21-carat gold starting the day at 3275 EGP per gram and ending at 3265 EGP per gram. Concurrently, global gold prices fell by 4 USD, with the price of an ounce opening at 2387 USD, peaking at 2393 USD, and closing at 2383 USD.
Embabi explained that the price of gold in local markets is about 8 EGP less than the international gold price, considering the current exchange rate and the global ounce price.
He also noted a decrease in raw gold export operations by traders, attributed to improved demand in recent days, especially with the return of rising prices.
Globally, reports suggesting that Israel is willing to avoid a full-scale war in the Middle East have eased geopolitical concerns, allowing the U.S. dollar to lose some of its safe-haven gains.
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