The weekly close of the worldwide market coincided with a small increase in gold prices in local Egyptian markets. The price per ounce hit a record high of $2,626 due to rising speculation about future interest rate reduction by the US Federal Reserve as well as increased Middle East tensions.
According to Saeed Embabi, CEO of the online gold trading portal “iSagha,” local gold prices increased by 5 EGP, with a gram of 21-karat gold costing 3,545 EGP.
According to Embabi, the price per gram of 24-karat gold was 4,051 EGP, 18-karat gold was 3,039 EGP, and 14-karat gold was 2,364 EGP. A gold pound was valued at 28,360 EGP. The 21-karat gold opened at 3,505 EGP on Friday and touched 3,555 EGP before closing trading at 3,540 EGP. This represents a 35 EGP gain in prices.
According to Sada el Balad The price of an ounce of gold opened at $2,590 and increased to $2,626 before ending at $2,522, reflecting a rise in the worldwide gold market as well. Imbaby claims that since supply and demand dynamics and the strength of the dollar are unchanging, the local price increase is consistent with global patterns.
Embabi advised customers to wait to buy until the market stabilizes due to the ongoing, sharp price swings in the local market. He pointed out that in 2024, the price of gold increased by $560 and 27% globally, which was the largest annual gain since 2010.
He went on to say that despite recent rumors regarding the rate of interest rate cuts that will occur once the Federal Open Market Committee decides to lower rates by 50 basis points, the whole market has been waiting for the US Federal Reserve to start a cycle of monetary easing.
