Gold Rises Globally and Locally as Markets Await U.S. Congress Vote to End Government Shutdown

Gold prices rose in both local and global markets on Wednesday, as investors awaited a decisive vote in the U.S. Congress on ending the government shutdown that has persisted for several weeks, according to a report by the iSagha gold and jewelry trading platform.

Saeed Embabi, CEO of the platform, said that domestic gold prices climbed by around EGP 55 during the day’s trading, with 21-karat gold reaching EGP 5,570 per gram. Globally, the price of gold rose by about $58, bringing the ounce to $4,188. He added that 24-karat gold recorded EGP 6,366, 18-karat gold stood at EGP 4,774, while the gold pound stabilized at EGP 44,560.

The report noted that prices had already risen on Tuesday by about EGP 20, as 21-karat gold opened at EGP 5,495 and closed at EGP 5,515, while the ounce increased globally from $4,112 to $4,130.

U.S. markets are currently awaiting a House of Representatives vote on a temporary funding bill to reopen the government and extend federal agency financing through January and September 2026. The Senate approved the bill earlier this week by a 60–40 vote, marking a significant step toward ending the longest government shutdown in U.S. history.

This progress eased short-term financial fears but left investors cautious as they awaited delayed U.S. economic data that could signal the Federal Reserve’s next monetary policy move.

Despite modest gains, gold remains supported by the Fed’s cautious stance and ongoing geopolitical risks—particularly after weak U.S. employment data boosted expectations of rate cuts in the coming months.

The U.S. dollar index is currently trading near 99.65 points after ending a five-day losing streak, limiting gold’s upside somewhat. Meanwhile, safe-haven demand for gold eased as trade tensions subsided following a Supreme Court review of the legality of U.S. tariffs.

In economic data, an ADP report showed the U.S. lost about 11,250 private-sector jobs in the four weeks ending October 25, while the latest monthly report showed an increase of 42,000 jobs in October—exceeding forecasts—despite widespread layoffs totaling 153,074 announced by employers that month, the highest since 2003.

From a technical standpoint, ANZ Bank noted that gold “broke through the $4,050 resistance level,” adding that surpassing the $4,160–$4,170 range could push prices toward record highs near $4,380 per ounce.

In a separate note, JPMorgan predicted that central banks and consumers would become active buyers during price pullbacks, expecting gold prices to exceed $5,000 per ounce by the fourth quarter of 2026.

So far, gold prices have risen by more than 57% since the beginning of the year, driven by geopolitical tensions, monetary easing, global de-dollarization trends, and strong inflows into gold-backed investment funds.