Gold prices Tuesday in Egypt:
24-karat: EGP 4,886/gram
21-karat: EGP 4,275/gram
18-karat: EGP 3,664/gram
Gold Pound: 34,200 Egyptian pounds
Global gold price jumps:
Ehab Wassef, head of the Gold and Precious
Metals Division at the Federation of Egyptian Industries, revealed that the
price of an ounce rose by more than 1% during Wednesday's trading, reaching
3,024$ in spot transactions. This was reflected in prices in the Egyptian
market, with 21-karat gold exceeding 4,250 EGP for the first time in its
history.
Wassef added that gold futures are close to
breaking 3,040$ for the first time, driven by several factors, most notably:
Escalating geopolitical tensions in the
Middle East, particularly in the Gaza Strip.
Challenges to global trade amid growing
unrest.
Increasing demand for gold as a safe haven
amid global economic uncertainty.
Gold surpasses 3,000$ due to trade and
political tensions.
Wassef pointed out that developments in the
trade war and escalating tensions between the United States and the European
Union significantly contributed to gold's rise to record levels. US President
Donald Trump's escalation against the European Union increased concerns about
global markets, prompting investors to turn to gold.
He also explained that gold has risen 15%
since the beginning of 2025 due to US economic policies that increased
instability, leading to significant losses in global stock markets, which
boosted demand for gold as a safe haven.
Will gold prices continue to rise?
With ongoing geopolitical and economic tensions and increasing demand for gold as a hedge against crises, prices are expected to remain on an upward trend in the coming period. Investors are closely monitoring the US Federal Reserve's interest rate decisions, which could have a direct impact on the yellow metal's movements globally and locally.