The recent decline in gold sales due to decreased demand has prompted traders to relatively stabilize prices in the range of 2150 to 2170 Egyptian pounds, despite global stock market prices dropping near $1900.
This move comes as concerns grow over the continuous decline in sales, with sales dipping alongside price drops, while they rise with increased price activity.
Saeed Imbabi, the CEO "iSagha" platform, mentioned that gold prices in the local markets saw a slight increase during Thursday's trading session.
This coincides with a minor rise in the ounce price on the global stock exchange.
Market watchers are anticipating the release of US inflation data later today to gauge insights into the US Federal Reserve's monetary policy and the future direction of interest rates amidst economic recession uncertainties.
Imbabi clarified that gold prices in the local markets increased by EGP 10 during today's trading compared to the previous day's closing, as 21-karat reached EGP 2165, while the ounce price rose by $5 to reach $1922.
He added that 24-karat reached EGP 2474, 18-karat gold reached EGP 1856, 14-karat reached EGP 1444, and a gold pound reached EGP 17320.
Yesterday, gold prices had risen by around EGP 5. The trading day began with 21-karat at EGP 2160 and concluded at EHP 2155.
The ounce price decreased by about $8, opening at $1925 and closing at $1917.
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