Gold Prices Rise By $89 On The Global Stock Exchange Over The Course Of A Week

Gold prices rose slightly in local markets during trading on Saturday, coinciding with the global stock exchange's weekly holiday. The ounce ended the week with a 2.7% gain, as the US dollar weakened amid escalating trade tensions and geopolitical risks.

Gold prices rose by about EGP 5 in local markets during trading today, compared to yesterday's close. The price of a gram of 21-karat gold reached EGP 4,790, while the ounce closed the week at $3,327, recording weekly gains of $89, after touching its all-time high of $3,358.

A gram of 24-karat gold reached approximately EGP 5,474, a gram of 18-karat gold reached EGP 4,106, a gram of 14-karat gold reached EGP 3,194, and a gram of gold reached EGP 38,320.

Meanwhile, gold prices rose in local markets by EGP 10 during trading on Friday. 21-karat gold opened at EGP 4,775 and closed at EGP 4,785, while the ounce stabilized around $3,327, with global markets closed for the Easter holiday.

Gold prices on the global stock exchange touched their highest levels ever during trading this week, driven by the weakness of the US dollar amid escalating trade tensions and geopolitical risks.

The ounce achieved one of its largest weekly gains, despite profit-taking that limited these gains at the end of the week.

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 regarding the direction of US monetary policy.

In the latest official statements, White House economic advisor Kevin Hassett said on Friday that President Donald Trump and members of his team will consider firing Federal Reserve Chairman Jerome Powell.

On Wednesday, in a speech at the Economic Club of Chicago, Powell maintained his neutral stance, focusing on the rising risk of inflation even as risks to economic activity increased.

Powell noted that the US economy remains strong, even though Trump's economic policies have mitigated economic risks. "The US economy is resilient despite increased uncertainty and downside risks," Powell said. 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 Board member Daly stated that policy remains accommodative; interest rates could rise, echoing Powell's hawkish tone.

San Francisco Federal Reserve Bank President Mary Daly declared that the economy is in good shape, despite a slowdown in some sectors. She added that monetary policy remains tight, putting pressure on inflation, and that neutral interest rates "could rise."

Analysts indicate that gold will continue to benefit from the continued weakness of the US dollar. While the dollar is not expected to lose its status as the reserve currency anytime soon, President Donald Trump's erratic trade policies have weakened America's position in the global market. No other currency can fill the void as a reserve currency, so markets will turn to gold.

In a related development, markets will focus on key US data next week, including preliminary purchasing managers' indices, durable goods, and the final consumer confidence index.