Gold Prices Climb as Markets Await Trump's Tariff Decision

Gold prices recorded a modest increase in local markets during Tuesday’s trading, mirroring a rise in global bullion prices. This uptick followed the release of the Producer Price Index (PPI) report, which provided key economic insights. Investors and markets worldwide are now turning their attention to potential decisions from President-elect Donald Trump regarding the phased implementation of tariffs, a move that could have widespread economic implications.

Saeed Embabi, CEO of the online gold and jewelry trading platform iSagha, confirmed that gold prices in local markets rose by approximately 5 EGP during Tuesday’s trading session compared to Monday’s closing prices. The price of 21-karat gold, Egypt’s most widely traded gold grade, climbed to 3,755 EGP per gram. On the international stage, gold also gained ground, with the price of an ounce increasing by $17 to reach $2,666.

Embabi further detailed the performance of other gold grades, with 24-karat gold reaching 4,291 EGP per gram, while 18-karat and 14-karat gold traded at 3,219 EGP and 2,504 EGP per gram, respectively. The price of the gold sovereign, equivalent to eight grams of 21-karat gold, rose to 30,040 EGP.

This rise comes after a notable drop in prices during Monday’s trading. The daily report from iSagha indicated that 21-karat gold began Monday’s session at 3,800 EGP per gram before closing at 3,750 EGP, marking a 50 EGP decrease. Similarly, global gold prices experienced a $27 decline, with an ounce falling from $2,689 to $2,662 by the close of the session.

The slight recovery in gold prices highlights investor caution and market sensitivity as the world awaits Trump’s decisions on tariffs. With economic uncertainty looming, gold remains a focal point for investors seeking stability in a volatile global market. Whether this upward momentum will persist depends on the clarity and impact of the incoming administration’s policies.