Despite fluctuations in the global gold ounce price, this stability reflects a state of anticipation in the markets, both among investors and local consumers, amidst expectations of further changes in the coming days.
At the start of today's trading, the price of a gold ounce
on the global exchange was approximately $3221, indicating a stable performance
following a slight upward trend earlier in the week.
Gold prices in Egypt today:
24-karat: 5302 EGP/gram
21-karat: 4640 EGP/gram for selling, and 4740 EGP/gram including
craftsmanship fees in jewelry stores.
18-karat: 3977 EGP/gram for selling, and 4077 EGP/gram including
craftsmanship fees.
Gold Pound (without craftsmanship fees): 37120 EGP/gram
Several factors contribute to the stability of gold prices in local and global markets, including:
Stable local US dollar exchange rate: The limited fluctuations in the US dollar's exchange rate against the Egyptian pound in recent days have kept gold prices within a steady range.
Investor anticipation of US Federal Reserve movements: Global markets are awaiting decisions from the US Federal Reserve regarding interest rates, which have a direct impact on global gold price movements.
Previous rise leading to temporary calm: Gold experienced a significant 27% increase in 2024, its largest annual jump since 2010, driven by demand for the metal as a safe haven amid geopolitical tensions and economic uncertainties. This prior increase may be contributing to the current period of stability.
Continued demand from central banks: Central banks have maintained strong gold purchasing activity, exceeding 1,000 tons for the third consecutive year, bolstering long-term confidence in the precious metal.
Experts expect gold prices to witness some fluctuations during the second half of April, especially with the approaching release of US inflation data and economic reports related to global demand for gold.
Consumers are also advised to monitor real-time price changes, considering the price variations among different jewelry stores and the impact of varying craftsmanship fees and taxes.