Gold prices in Egypt:
24-karat: EGP 5,354 per gram
21-karat: EGP 4,685 per gram
18-karat: EGP 4,015 per gram
Gold pound: EGP 37,480
Ihab Wassef, head of the gold and precious metals division at the Federation of Egyptian Industries, said that gold prices had risen by 3.8 percent in August. The price of 21-karat gold climbed from 4,518 pounds at the beginning of the month to 4,690 pounds at its end, an increase of 172 pounds.
He noted that the last week of August saw a 2.2 percent
rise, with prices closing at 4,685 pounds per gram, up from 4,585 pounds at the
start of the week.
Wassef attributed the surge to a global increase in the
price of gold and a gradual rise in the value of the dollar against the
Egyptian pound.
"The ounce climbed to its highest level in more than
four months, supported by expectations of a US interest rate cut," he said.
He added that the recent decision by the Central Bank of
Egypt to cut interest rates by 200 basis points had not yet had a direct
impact, stressing that the local gold market remains tied to the performance of
the US dollar and the US Federal Reserve's policy decisions.
Looking ahead, Wassef predicted that the maturity of some
bank certificates could lead to a flow of liquidity into the gold or stock
markets, potentially providing additional support to prices in the medium term.
Globally, gold ended last week above $3,430 per ounce, positioning it to test the $3,500 barrier as pressure on the dollar continues and expectations of a Fed rate cut mount.