Gold Prices Increase, 21-Karat at EGP 3775

Gold prices in local markets increased on Monday, supported by rising global market prices and geopolitical uncertainty in the Middle East, along with the Chinese central bank resuming its gold purchases.

Saeed Embabi, CEO of the “iSagha” platform said that gold prices witnessed an increase by EGP 75 in the local markets during today’s trading, as a gram of 21 karat gold recorded EGP 3775, while an ounce declined to $2656.

He added that a gram of 24 karat gold recorded EGP 4314, a gram of 18 karat gold recorded about EGP 3517, and a pound of gold recorded about EGP 30,200.

He noted that gold prices trimmed gains by about EGP 20 after touching EGP 3,790 at the start of trading. On Sunday, despite being a weekly holiday for raw gold traders and global markets, gold experienced price fluctuations of up to EGP 40 at retail stores.

According to the weekly report from "iSagha," gold prices in local markets rose by 0.4%, equivalent to EGP 10, during last week’s trading. The price of a 21-karat gram began the week at EGP 3,690 and ended at EGP 3,700. However, global gold prices declined by 0.6%, or $17, with the ounce starting the week at $2,650 and closing at $2,633.

Embabi explained that the rise in local gold prices was influenced by the increase in the USD exchange rate. Gold prices are affected by three key factors: the global ounce price, the USD exchange rate, and supply and demand.