Gold prices in Egypt fell by EGP 20 on Monday, reflecting a global decline as international markets responded to signals from the U.S. Federal Reserve about slowing the pace of interest rate cuts in 2025.
According to Saeed Embabi, CEO of the online gold trading platform “iSagha,” 21-karat gold, the most traded type in Egypt, dropped to EGP 3,750 per gram, while global prices dipped by $5 to $2,618 per ounce.
Other gold types in Egypt also saw decreases: 24-karat gold fell to EGP 4,286 per gram, 18-karat gold to EGP 3,214, and 14-karat gold to EGP 2,500. The gold pound, which weighs 8 grams of 21-karat gold, dropped to EGP 30,000.
Over the past week, gold prices in Egypt declined by 1.3%, or EGP 50, while international prices dropped by 1%, reflecting investor caution after U.S. Federal Reserve Chairman Jerome Powell’s comments on maintaining tight monetary policies.
Gold, which saw a 27% increase in 2024 due to strong demand, now faces challenges such as rising U.S. bond yields and a slowing Chinese economy. However, ongoing geopolitical tensions and inflation concerns continue to sustain gold’s role as a safe-haven asset, potentially driving prices toward $3,000 per ounce.
The Federal Reserve recently lowered interest rates by 25 basis points, bringing them to a range of 4.25%–4.50%, and signaled only two more cuts in 2025.
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