Gold Prices Increase, 21-Karat at EGP 3740

Gold prices increased in local markets during Thursday's trading session, supported by a rise in global gold prices. Concerns about the U.S. elections and Middle East tensions continue to bolster gold.

Saeed Embabi, CEO of the “iSagha” platform said that gold prices witnessed an increase by EGP 15 in the local markets during today’s trading, as a gram of 21 karat gold recorded EGP 3740, while an ounce declined to $2737.

He added that a gram of 24 karat gold recorded EGP 4274, a gram of 18 karat gold recorded about EGP 3206, and a pound of gold recorded about EGP 29920.

Gold prices in local markets dropped by 15 EGP during Wednesday's session, with 21-carat gold starting at 3,740 EGP per gram and closing at 3,725 EGP. Meanwhile, global gold prices declined by 32 USD, opening at 2,748 USD per ounce, reaching an all-time high of 2,760 USD, and closing at 2,716 USUSD.

Embabi explained that gold prices regained some of their strength after a drop in the markets at the end of Wednesday’s session due to profit-taking activities.

He added that the decline in global prices encouraged buying once again, especially with the ongoing conflict in the Middle East and increased uncertainty about the U.S. elections.

Imbabi also pointed out that a slight drop in U.S. Treasury yields led to profit-taking in the dollar, boosting demand for gold again.

The U.S. dollar and Treasury yields have risen to a three-month high, while gold continues to climb despite the strength of the dollar and higher yields.

Moreover, Embabi noted that concerns about financial instability, safe-haven demand, geopolitical tensions, de-dollarization driven by strong demand from central banks, and uncertainty surrounding the U.S. presidential elections have all contributed to gold reaching an unexpected price peak.