Gold Prices in Egypt on Thursday:
24-karat gold: EGP 5,360/gram
21-karat gold: EGP 4,690/gram
18-karat gold: EGP 4,020/gram
14-karat gold: EGP 3,127/gram
Gold pound: EGP 37,520
Key Drivers Behind the Decline:
The drop was primarily triggered by a decline in international gold prices to around $3,330 per ounce, amid improved investor risk appetite and a temporary easing of geopolitical tensions in the Middle East. These conditions encouraged traders to shift toward alternative financial assets, reducing demand for traditional safe havens such as gold.
Is Now a Good Time to Buy?
Market
analysts are divided. Some view the current dip as a potential buying
opportunity, citing the relatively stable political climate. Others remain
cautious, warning that renewed volatility may arise if geopolitical tensions
re-escalate or unexpected economic data is released in the coming days.
Important warning:
Gold prices in Egypt are subject to continuous fluctuations throughout the day, typically moving by EGP 15 to 30 either way. These changes are influenced by global market trends, the exchange rate of the U.S. dollar, and local supply and demand conditions.