Gold Prices Decline: 21-Karat Gold Drops to EGP 3,385

Gold prices in Egypt have fallen during Monday's trading, while international gold markets remained steady. Investors are closely watching U.S. inflation data, which is expected to influence the Federal Reserve's upcoming decision on potential interest rate cuts later this month.

Saeed Embabi, CEO of the "iSagha" platform for online gold and jewelry trading, announced that local gold prices dropped by EGP 10 compared to Saturday evening’s close, which marked the end of last week's trading. The price of 21-karat gold now stands at EGP 3,385 per gram, while the international price of gold remained stable at $2,497 per ounce.

In addition, 24-karat gold is currently priced at EGP 3,869 per gram, while 18-karat gold stands at EGP 2,901, and 14-karat gold is priced at EGP 2,257. The price of a gold pound coin is now EGP 27,080.

Last week, gold prices in Egypt fell by 1.5%, amounting to a drop of EGP 50 per gram. The price of 21-karat gold opened last week’s trading at EGP 3,445 and closed at EGP 3,395. Meanwhile, the global gold market experienced a slight dip of 0.2%, with the price of an ounce decreasing by $6. It began the week at $2,503 and ended at $2,497.

According to Embabi, the decline in local gold prices is partly due to the strengthening of the Egyptian pound against the U.S. dollar, along with stable gold prices on international markets.