Gold prices in Egypt on Tuesday
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
Factors driving local and global gold prices
Gold is traditionally viewed as one of the most important hedging tools during times of crisis, especially in light of major economic or political fluctuations. US President Donald Trump's announcement of a ceasefire between Israel and Iran had a relative impact on commodity markets, leading to a relative decline in global gold prices amidst a state of caution regarding the continuation of the truce.
US stock futures indicate a positive opening on Wall Street, reflecting market sentiment and prompting some investors to temporarily abandon gold in favor of stocks, amid ongoing questions about the sustainability of the geopolitical truce.
Why does the price of gold change in Egypt?
Several factors influence gold prices in the Egyptian market:
· The global price of gold on international stock exchanges
· The exchange rate of the dollar against the Egyptian pound
· Supply and demand in the local market
· Investor expectations regarding global crises
The average change in the local price of gold during the day ranges between 15 and 20 Egyptian pounds, up or down, in light of the ongoing fluctuations in the global market, in addition to manufacturing costs, taxes, and stamp duty, which vary depending on the type of gold jewelry and the place of purchase.