This increase in gold prices is a result of rapid changes in global stock exchanges, especially after the global price of an ounce exceeded $3,500 for the first time in history. This reflects increased demand for the yellow metal as a safe haven amid escalating global economic and political tensions.
Gold prices in Egypt Tuesday:
24-karat gold: EGP
5,668/gram
18-karat gold: EGP
4,251/gram
14-karat gold: EGP 3,306.75/gram
Gold Pound: EGP 39,680
It should be noted that the price varies from one
dealer to another, depending on the workmanship and the stamp added to the base
price of gold.
Reasons for the rise in gold prices:
Several factors contributed to the rise in the price of
gold in Egypt today, most notably changes in the global landscape. US President
Donald Trump's statements and criticism of the Federal Reserve's policies led
to a decline in risk among global investors, prompting them to increase their
investments in gold.
Decisions to impose tariffs on some Chinese products
also contributed to heightened global trade tensions, which directly impacted
the movement of the yellow metal on global stock exchanges and, subsequently,
gold prices in the local market.
Real-time changes in the local market
Gold prices in Egypt witness continuous fluctuation
throughout the day, which may reach 20 pounds, up or down, as a result of the
local market being affected by changes in global prices and the exchange rate
of the dollar against the pound, in addition to supply and demand factors
within the Egyptian market.
Notice to consumers
It should be noted that the prices shown in this report are the prices of a raw gram without adding workmanship, taxes or stamps, which vary from one store to another depending on the type of gold jewelry. Prices are also subject to change at any moment depending on spot market movements.