Gold Prices Rise By EGP 310 In local Markets During April

Gold prices rose by approximately 7.3% in local markets during April, while the global ounce rose by 5.6%. This was due to strong demand for gold as a safe haven amidst economic and geopolitical uncertainty.

Gold prices rose by EGP 310 in local markets during April, with the price of 21-karat gold opening at EGP 4,420 per gram, touching EGP 5,000, and closing at EGP 4,730. Meanwhile, the global ounce rose by $174, opening at $3,126, touching $3,500, and closing at $3,300. Gold prices rose by about 20 Egyptian pounds during trading on Friday, compared to the closing price of yesterday. The price of a gram of 21-karat gold reached 4,660 Egyptian pounds, while an ounce rose by about $31, reaching $3,265.

Mbappe added that a gram of 24-karat gold reached 5,326 Egyptian pounds, a gram of 18-karat gold reached 3,994 Egyptian pounds, a gram of 14-karat gold reached 3,107 Egyptian pounds, and the gold pound reached 37,280 Egyptian pounds.

Gold prices fell by 90 Egyptian pounds in local markets during trading on Thursday, with the price of a gram of 21-karat gold opening at 4,730 Egyptian pounds and closing at 4,640 Egyptian pounds. Meanwhile, an ounce fell by $66 on the global stock exchange, opening at $3,300 and closing at $3,234. Gold prices recovered on the global stock exchange, after hitting a two-week low during yesterday's trading, with easing trade tensions and hopes of reaching an agreement between the United States and China, which will strengthen the dollar and expose gold to further pressure.

The Chinese Ministry of Commerce stated on Friday that the United States had recently sent, through relevant channels, urgent messages to enter into talks on tariff issues, and that the country is currently evaluating the proposal to begin negotiations.

Furthermore, hopes of reaching agreements on tariffs between the United States and its trading partners pushed the US dollar to a three-week high.

Markets are cautious about the US dollar amid expectations of more aggressive monetary policy easing by the Federal Reserve, and ahead of the release of the US nonfarm payrolls report.

Traders increased their expectations that the US central bank will implement four quarter-point interest rate cuts by the end of the year, after data released this week showed the US economy unexpectedly contracted for the first time since 2022. Furthermore, the personal consumption expenditures (PCE) index indicated signs of declining inflation. Wednesday's US jobs report showed that private sector employment increased by 62,000 jobs in April. This represents a significant decrease from the 147,000 increase (revised from 155,000) recorded in March and was significantly below market expectations of 108,000.

In addition, the Bureau of Economic Analysis' preliminary estimate indicates that the US economy contracted at an annual rate of 0.3% during the first quarter of 2025, after growing at a robust pace of 2.4% in the previous quarter. This data, in turn, raises concerns about an impending US recession.

Meanwhile, the US Personal Consumption Expenditures (PCE) price index fell to 2.3% year-over-year in March, from 2.5% previously. Furthermore, the core PCE price index, which excludes volatile food and energy prices, rose 2.6% from 3% in February, indicating easing inflationary pressures.