Gold Prices Increase, 21-Karat at EGP 3360

Gold prices increased in the markets during Monday's trading, despite the decline of the ounce in the global market due to profit-taking pressures.However, expectations for rising gold prices remain strong as US bond yields hit their lowest annual levels amid concerns over escalating geopolitical tensions and a slowing global economy.

Saeed Imbaby, executive director of the “iSagha” platform for gold and jewelry online trading, said that gold prices witnessed an increase by EGP 25 in the local markets during today’s trading, as a gram of 21 karat gold recorded EGP 3360, while an ounce rose to $2403.

He added that a gram of 24-karat gold recorded EGP 3840, a gram of 18-karat gold recorded about EGP 2880, a gram of 14-karat gold recorded about EGP 2240 and a pound of gold recorded about EGP 26880.

Imbaby explained that the rise in gold prices in local markets, despite the decline of the ounce in the global market, is due to the depreciation of the EGP against the USD, nearing 50 EGP, driven by the exit of about 4.5 billion USD in hot money from the Egyptian markets.

He added that the price difference per gram between the global market and the local market recorded about 32 EGP.

Imbaby noted that global gold prices face profit-taking pressures amid growing expectations of rising gold prices with US bond yields falling to their lowest annual levels, due to speculations of a Federal Reserve interest rate cut in September, alongside the continued impact of geopolitical tensions in the Middle East.