Gold Price Increases By EGP 1,045 Since The Beginning Of 2025

Gold prices in local markets rose by 2.6% during trading in the week ending Saturday evening, while the ounce rose by 2.7% during trading in the week ending Friday evening, due to the weakness of the US dollar amid escalating trade tensions and geopolitical risks.

Gold prices in local markets rose by EGP 120 during trading last week. The gram of 21-karat gold opened at EGP 4,665, touched EGP 4,800, its highest level in history, and closed at EGP 4,785. Meanwhile, the ounce rose by $89, opening at $3,238, touching $3,358, its highest level in history, and closing at $3,327.

The price of a gram of 24-karat gold reached EGP 5,469, while the price of a gram of 18-karat gold reached EGP 4,101. The price of a gram of 14-karat gold reached approximately EGP 3,190, and the gold pound reached approximately EGP 38,280.

According to the daily report of the "iSaaga" platform, gold prices in local markets witnessed a state of stability during trading yesterday, Saturday. The price of a gram of 21-karat gold opened trading at EGP 4,785, touched EGP 4,790, and closed trading at EGP 4,785, coinciding with the weekly global stock exchange holiday. Gold prices in local markets have risen by EGP 1,045, or 28%, since the beginning of the year. The price of a gram of 21-karat gold opened at EGP 3,740 and closed the week at EGP 4,785. Meanwhile, the ounce on the global stock exchange has risen by approximately $703, or 27%, since the beginning of the year. It opened at $2,624 and closed last week at $3,327.

Gold prices in local markets continued to rise to unprecedented levels in trading history, driven by the rise in the ounce on the global stock exchange and the continued rise in the dollar exchange rate above EGP 51, despite slowing sales.

He added that purchasing still carries some risk due to the instability in global markets.

The Central Bank of Egypt's change in monetary easing policy and the reduction of interest rates by approximately 2.25% will encourage many citizens to buy gold again, boosting demand and driving prices higher, especially given the uncertainty prevailing in global markets. Gold prices in local markets rose by EGP 1,045, or 28%, since the beginning of the year. The price of a gram of 21-karat gold opened at EGP 3,740 and closed the week at EGP 4,785. Meanwhile, the price of an ounce on the global stock exchange rose by approximately $703, or 27%, since the beginning of the year. Trading opened at $2,624 and closed last week at $3,327.

Gold prices on the global stock exchange witnessed sharp increases over the past week, driven by the weak dollar and demand stemming from the trade dispute between the United States and China.

The hawkish remarks of Federal Reserve Chairman Jerome Powell on Wednesday limited the rise in gold prices, despite ongoing uncertainty regarding US trade policies and geopolitical risks, which continue to support gold prices. Meanwhile, tensions escalated between US President Donald Trump and Federal Reserve Chairman Jerome Powell over the direction of US monetary policy, with Trump considering dismissing Powell. This strengthened gold, amid the US president's desire to cut interest rates.

Powell said in press statements at the Economic Club of Chicago, "The US economy is resilient despite increasing uncertainty and downside risks." He expressed confidence that the economy remains in a position to await further clarity, giving him the confidence to avoid any adjustments in monetary policy.

Federal Reserve member Daly stated that policy remains tight; interest rates could rise, echoing Powell's hawkish tone.

San Francisco Federal Reserve President Mary Daly declared that the economy is in a good position, despite a slowdown in some sectors. She added that monetary policy remains tight, putting pressure on inflation, and that neutral interest rates "could rise." In a related development, markets are awaiting preliminary Purchasing Managers' Index (PMI) data, the durable goods report, and the final consumer confidence index data this week, along with statements from several Federal Reserve members, for clearer indications on the future of US monetary policy.