Supervisor Elham AbolFateh
Editor in Chief Mohamed Wadie

Gold Prices Surge in Local Markets Amidst Global Economic Uncertainty

Gold Service

Tue 26 Mar 2024 | 11:15 PM
Waleed Farouk

Gold prices experienced a significant surge in local markets during Tuesday's trading session, propelled by an increase in the global ounce price on international exchanges. This uptick comes amidst heightened anticipation in financial markets regarding the release of US inflation data scheduled for next Friday, which is expected to offer crucial insights into the Federal Reserve's future monetary policy decisions.

Saeed Embabi, the CEO of the "iShagha" online trading platform, reported reported a robust rise of approximately 45 EGP in gold prices during today's trading activities. Compared to yesterday's closing figures, the price per gram of 21-carat gold reached an impressive 3135 EGP. Meanwhile, the ounce climbed by around 18 dollars on the global exchange, reaching a notable 2190 dollars.

Emphasizing the volatility inherent in gold prices, Embabi attributed these fluctuations to shifts in the dollar exchange rate and global stock market performance. He also highlighted a discernible increase in gold demand, particularly in anticipation of the upcoming engagement and wedding season.

Foreseeing a continued upward trajectory in local gold prices, Embabi cited several contributing factors. These include heightened demand and preparations for the wedding season, alongside increased gold prices on the global exchange bolstered by central bank purchases and geopolitical tensions in the Middle East.

Yesterday's trading session witnessed a notable 65 EGP increase in local gold prices. Opening at 3025 EGP per gram of 21-carat gold, prices peaked at 3150 EGP before settling at 3090 EGP by day's end. Concurrently, gold prices on the global exchange saw a $7 uptick, commencing trading at 2165 dollars per ounce and concluding at 2172 dollars.

In addition to the dynamics within the gold market, market participants are eagerly awaiting the release of US consumer confidence index data later today. Furthermore, the scheduled release of the Core Personal Consumption Expenditure Price Index in the United States on Friday adds to the market's anticipation and could potentially impact gold prices further.