Gold prices in Egypt today: 21-karat gold records 6700 Egyptian pounds, and market forecasts

Gold prices in Egypt witnessed a notable increase during trading today, in a strong corrective move reflecting the local market's connection to global economic variables. This rise was driven by increased demand for the precious metal as a safe haven, coinciding with a surge in the price per ounce on the global market and a decline in the US dollar index.

Details of today's gold prices in Egypt

According to the latest reports from gold and jewelry trading platforms, local markets have seen new price movements, with the price per gram rising by approximately 25 Egyptian pounds compared to opening prices. The recorded prices for different karats are as follows:

• 24-karat gold: It recorded around 7657 pounds, and it is the purest and most expensive karat in the market.
• 21-karat gold: It reached a level of 6700 Egyptian pounds, and it is the most traded and sold karat in Egypt.
• 18-karat gold: It recorded around 5743 pounds, which is the preferred economical option for a wide segment of consumers.
• The gold pound: Its price reached about 53,600 pounds, which reflects the value of raw gold without manufacturing costs.

Reasons for the rise: the dollar and US monetary policy

Economic analysts attribute this rise to several key factors, most notably the global surge in the price of an ounce of gold, which approached the $5,000 mark, an increase of $35. Global markets were also directly affected by statements from US President Donald Trump, which raised widespread concerns about the independence of the Federal Reserve (the US central bank).

These concerns have led to negative pressure on the US dollar, prompting investors to turn to gold as a non-yielding asset that preserves value, especially in light of expectations of more accommodative monetary policies in the coming period.

Historical context and market volatility

This rise comes after a wave of declines in Egyptian markets last week, during which gold lost about 150 Egyptian pounds in value, despite a rise in the global price at that time. These price fluctuations reflect the uncertainty prevailing in the markets and underscore the precious metal's sensitivity to geopolitical and economic news.

Gold as a safe haven and future prospects

Historically, gold has been considered a primary store of value during times of crisis and economic turmoil. With global economic indicators fluctuating and geopolitical tensions in the Middle East relatively easing, gold continues to experience price volatility, influenced by investors' risk appetite in equity markets versus their desire to hedge with the precious metal.

Experts advise those dealing in the gold market to closely monitor US economic data, as interest rate decisions and inflation rates will play a crucial role in determining the direction of prices in the coming period, both globally and in terms of their impact on the Egyptian market.