Gold prices declined in the local market and on the global exchange during Thursday’s trading, pressured by profit-taking after a strong rally, according to a report issued by the iSagha platform.
Saeed Imbaby, Executive Director of the platform, said that gold prices in the local market fell by about EGP 40, with 21-karat gold recording EGP 6,160 per gram, while spot gold on the global exchange declined by around $42 to $4,610 per ounce.
He added that 24-karat gold recorded about EGP 7,040 per gram, while 18-karat gold stood at around EGP 5,280 per gram. The gold pound (eight grams of 21-karat gold) was priced at approximately EGP 49,280.
Imbaby noted that local gold prices had touched an all-time high yesterday, with 21-karat gold reaching EGP 6,210 per gram, while global gold prices hit a historic peak of $4,643 per ounce.
Globally, gold remained stable above the $4,600 level during Thursday’s trading, despite a limited pullback driven by profit-taking, after surging on Wednesday to a new record high near $4,643 per ounce.
This slight decline reflects a modest easing in safe-haven flows, following reports indicating a decline in the intensity of anti-government protests in Tehran, alongside remarks by U.S. President Donald Trump signaling that he would postpone any immediate military action for the time being.
Nevertheless, the broader geopolitical landscape remains fragile, while ongoing concerns over the independence of the Federal Reserve continue to support gold prices, keeping the precious metal close to record levels. Expectations of U.S. interest rate cuts also continue to provide additional support for gold, which does not yield interest.
Despite relatively hawkish recent remarks from some Federal Reserve officials—suggesting policymakers are not in a rush to cut interest rates—markets are still pricing in the possibility of two rate cuts later this year.
Investors’ attention is now focused on a series of U.S. economic data releases due later today, including weekly initial jobless claims, the Empire State Manufacturing Index, and the Philadelphia Fed Manufacturing Survey, in addition to closely analyzing comments from Federal Reserve officials for fresh clues on the future path of monetary policy.
In a related context, President Donald Trump said on Wednesday that he had been informed by “reliable sources” that killings in Iran had “stopped” and that there were “no plans to carry out executions.” Speaking to reporters in the Oval Office, Trump added that he would “monitor the situation” when asked whether the threat of U.S. military action had been ruled out.
In an interview with Reuters, Trump also said he does not intend to dismiss Federal Reserve Chair Jerome Powell despite a criminal investigation being conducted by the Department of Justice, noting that the administration is “in a wait-and-see mode” and that it is “too early” to make any decision.
Powell is currently under a criminal investigation related to his testimony in June 2025 regarding the renovation of the Federal Reserve headquarters, a move that has drawn sharp criticism from several global central bank governors and other Fed officials. Powell has described the investigation as politically motivated.
Meanwhile, Minneapolis Fed President Neel Kashkari said on Wednesday that it is “quite likely” inflation will remain well above the Federal Reserve’s 2% target for another two to three years, warning of a prolonged period of elevated inflation and describing it as “deeply concerning.”
By contrast, Philadelphia Fed President Anna Paulson said she expects further interest rate cuts later this year if economic projections materialize, adding that inflation is likely to slow in 2026 and that the labor market is stabilizing, noting that it is “improving but not collapsing.”
St. Louis Fed President Alberto Musalem said on Tuesday that there is “little justification for further monetary easing in the near term,” stressing that current monetary policy is well positioned to balance risks on both sides, and that recent inflation readings support the view that inflation could converge toward 2% this year.
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