Gold Prices in Local Market Decline by 20 EGP during Week

Gold prices in local markets decreased by 0.6% during last week’s trading that ended on Saturday evening, while gold prices on the global stock exchange increased by 0.2% during the same period.

Engineer Saeed Imbaby, CEO of the “iSaaga” platform for trading gold and jewelry online, stated that the price of a gram of 21-karat gold opened trading at 3485 EGP, touched 3440 EGP, rose to 3495 EGP, and closed trading at 3465 EGP in the local markets. Meanwhile, gold prices on the global stock exchange rose by $4, with the ounce opening at $2508, reaching its highest level at $2532 on August 20, and closing at $2512.

Mbappe also reported that the price of a gram of 24-karat gold was 3,960EGP, a gram of 18-karat gold was 2,970EGP, a gram of 14-karat gold was around 2,310EGP, and the gold pound was approximately 27,720EGP.

On the last Saturday of the week’s trading, the price of a gram of 21-karat gold opened and closed trading at 3,465EGP, coinciding with the weekly holiday of the global stock exchange.

Mbappe noted that gold prices reached a peak of $2,532 in Tuesday's trading, but then fell to $2,506. Prices remained relatively stable, trading between $2,500 and $2,519 for the rest of the week, and dropped to a weekly low of $2,475 per ounce following the release of worse-than-expected US unemployment claims on Thursday.

He also explained that gold prices slowed down towards the end of the week but rose sharply at the end of Friday's trading, supported by statements from Jerome Powell, Chairman of the US Federal Reserve, at the annual economic conference of central banks in Jackson Hole.

Powell's remarks suggested a potential interest rate cut by the Fed in September, signaling forthcoming increases in gold prices and presenting a buying opportunity for potential investors. He emphasized the Fed's commitment to supporting a strong labor market and further progress toward price stability. Additionally, Powell warned of increased downside risks to employment and decreased upside risks to inflation, indicating the necessity of policy adjustments.