Gold Prices in Local Markets Inched down by 2.7%

Gold prices in local markets fell by 2.7% during the first quarter of this year, while the ounce on the global stock market rose by 8.2%. This trend was driven by increasing expectations that the US Federal Reserve will reduce interest rates in mid-2024 and geopolitical tensions.

Saeed Embabi, CEO of the “iSagha” platform for trading gold and jewelry online, revealed that the price of a gram of 21k gold was EGP3175 at the beginning of the year and reached 3900 pounds before closing at 3090 pounds at the end of March. During the same period, the ounce on the global stock market rose from $2062 to $2233.

In March, gold prices in local markets rose by 5.6%, or EGP165, with a gram of 21 karat gold opening at EGP2925 and closing at 3090 pounds. On the global stock market, gold prices rose by 9.2%, or $188, with an ounce opening at $2045 and closing at $2233.

Last week, the local market experienced a 2.1% increase in gold prices, equivalent to EGP65. The price of a gram of 21k gold opened at EGP3025 and closed at EGP3090. On a global scale, gold prices increased by 3.1%, or $68. An ounce of gold opened at $2165 and closed at $2233.

The price of a gram of 24-karat gold is estimated at EGP3532, while an 18-karat gold gram is priced at EGP2649. A gram of 14k gold is estimated to cost around EGP2060, and a gold pound is priced at around EGP 24,720.

On Saturday, the price of gold decreased by EGP25. The price of a gram of 21k gold opened at EGP3115 and closed at EGP 3090. This drop in prices coincided with the weekly holiday of the global stock market.

Contributed by Ahmed Emam