Gold Price Down 15EGP, 21k Records 3,440EGP

Gold prices witnessed a decline in local markets, influenced by a drop in the global price of gold per ounce, which was attributed to the strengthening of the dollar and the markets' anticipation of the upcoming US inflation report set to be released next Friday. This report is expected to provide further insight into the potential interest rate adjustments anticipated for September. Engineer Saeed Imbaby, the CEO of the online gold and jewelry trading platform "iSaaga," noted that local gold prices fell by 15 pounds compared to yesterday's closing figures, with the price of a gram of 21-karat gold now at 3,440EGP, while the global ounce price decreased by 21 dollars, settling at 2,504 dollars.

Imbaby further detailed that the current price for a gram of 24-karat gold stands at 3,932EGP, while a gram of 18-karat gold is priced at 2,949EGP, and a gram of 14-karat gold is approximately 2,294EGP, with the gold pound valued at around 27,520EGP. Notably, gold prices had already seen a reduction of 5 pounds in local markets during trading on Tuesday, where the price of a gram of 21-karat gold opened at 3,460EGP and closed at 3,455EGP, despite a rise in global prices by 7 dollars, with the ounce opening at 2,518 dollars and closing at 2,525 dollars.

Imbaby attributed the decline in local gold prices to multiple factors, including a decrease in demand, an increase in reverse selling, and a trend among citizens to divest from their gold holdings, alongside a reduction in the dollar exchange rate in banks and a drop in the global ounce price. He also mentioned that expectations surrounding a cautious interest rate cut, coupled with rising geopolitical tensions in the Middle East, continue to exert upward pressure on gold prices. This sentiment was echoed by White House spokesman John Kirby, who stated on Tuesday that the United States perceives Iran as being in a position to potentially launch an attack on Israel.

In a related development, a report released on Tuesday by the US Conference Board indicated a rise in US consumer confidence, reaching a six-month high in August, with the Consumer Confidence Index climbing to 103.3 points.