Gold Markets Remain Unsteady as Global Trends Influence Prices

Gold prices in Egypt saw a slight increase on Saturday, reflecting a rise of EGP 10 during the day’s trading session compared to the previous close.

The price of 21-karat gold, the most sought-after in the local market, reached EGP 3,695 per gram. This comes as the global gold market took its weekly break, following a challenging week where international gold prices fell by 0.6%, influenced by stronger-than-expected U.S. labor market data.

Saeed Embabi, CEO of the "iSagha" platform for online gold and jewelry trading, highlighted the divergence in trends between local and global markets. Gold prices internationally closed the week at $2,633 per ounce, marking a weekly loss of $17.

Meanwhile, other local categories saw corresponding increases, with 24-karat gold priced at EGP 4,223 per gram, 18-karat gold at EGP 3,167, and 14-karat gold at EGP 2,464. The price of a gold pound rose to EGP 29,560.

Friday’s trading session showcased a contrasting scenario, where local gold prices dropped by EGP 5. The price of 21-karat gold started the day at EGP 3,960 per gram and closed at EGP 3,685. In contrast, international markets saw a modest rise, with the price of an ounce increasing by $8, moving from $2,631 to $2,633 during the session.

Embabi attributed the fluctuations in international prices to the release of U.S. non-farm payroll data for November. The report showed job creation exceeding expectations, signaling a robust labor market.