Gold prices decline slightly amid selling pressure and profit-taking.

Gold prices fell slightly in local markets during trading on Thursday, with the ounce rising on the global stock exchange after hitting an all-time high. This was driven by statements from the US Federal Reserve, which reinforced expectations of an interest rate cut later this year, amid increasing geopolitical and economic uncertainty.

Gold prices fell by about 5 Egyptian pounds in local markets during trading today, compared to yesterday's trading. The price of 21-karat gold reached 4,300 Egyptian pounds per gram, while the price of an ounce fell by about 6 dollars, reaching $3,041.

The price of 24-karat gold reached 4,914 Egyptian pounds per gram, while the price of 18-karat gold reached 3,686 Egyptian pounds per gram. The price of 14-karat gold reached 2,867 Egyptian pounds per gram, and the price of the gold pound reached 34,400 Egyptian pounds per gram. Meanwhile, gold prices in local markets rose by about EGP 30 during trading on Wednesday. The price of a gram of 21-karat gold opened at EGP 4,275, touched EGP 4,310, and closed at EGP 4,305. Meanwhile, the price of an ounce on the global stock exchange rose by $33, opening at $3,034, touching $3,057, and closing at $3,047.

Gold prices in the markets are still affected by global increases, amid a stable dollar exchange rate and a sharp decline in demand.

Local demand is currently experiencing a sharp decline, with an expected improvement after the holidays, especially with the continued rise in gold prices, which attract Egyptians eager to buy gold, driven by the desire not to miss out.

Gold prices hit an all-time high of $3,057 before declining during today's trading due to some selling pressure resulting from profit-taking. While the Bank of England left its key interest rate unchanged at 4.50% at its meeting a short while ago, the bank said in its statement, "There is a lot of economic uncertainty at the moment, and we continue to believe that interest rates are on a gradual downward path."

The statement added that global trade policy has intensified, as have other geopolitical uncertainties, and the Monetary Policy Committee will pay close attention to any subsequent signs of persistent inflation pressures.

Gold is supported by expectations of a Federal Reserve rate cut and global economic uncertainty.

The US Federal Reserve kept interest rates unchanged at a range of 4.25%-4.50% during its meeting on Wednesday, and US Federal Reserve Chairman Jerome Powell emphasized that tariffs would only delay achieving the inflation target.

Powell said his baseline assumption was that any increase in inflation due to tariffs would be "transitory," but later added that it would be very difficult to confidently determine how much of the inflation is due to tariffs versus other factors, adding that the likelihood of a recession has increased. In addition to monetary policy, concerns about global trade policies are boosting gold's strength. The Biden administration's recent decision to maintain 25% tariffs on steel and aluminum imports has exacerbated fears of supply chain disruptions and slowing economic growth. Uncertainty about trade relations, particularly with China, has also boosted demand for safe haven assets.

Geopolitical risks continue to support the rise in gold prices. Rising tensions in multiple regions, particularly Eastern Europe and the Middle East, have pushed investors toward safe-haven assets.

Tensions have escalated in Gaza and Turkey, as Israeli airstrikes on Gaza continue, while mass protests erupted in Turkey following the arrest of Istanbul Mayor Ekrem Imamoglu, President Recep Tayyip Erdogan's main political rival.

Swiss gold exports to the United States remained high in February at 147.4 tons, valued at over $14 billion, according to Reuters. Chinese media is advising investors to be cautious about gold, as prices are likely to be volatile in the future, according to a report published in the China Securities Journal on Thursday.