Gold prices in Egypt on Thursday:
24-karat gold: EGP 5,337/gram
21-karat gold: EGP 4,670/gram
18-karat gold:EGP 4,003/gram
Gold pound: EGP 36,800
Reasons for the rise in gold prices in Egypt
Global gold prices ended yesterday's trading session up 0.9% after hitting their lowest levels in more than a month. This was due to increased demand for safe havens amid escalating global trade tensions, which was reflected in the price of gold in the Egyptian market.
This increase in local prices coincides with concerns in global markets regarding the future of trade negotiations between the United States and several of its partners. Investors are awaiting the end of the temporary suspension of mutual tariffs, which expires on July 9.
Gold Prices on the Global Market
The price of an ounce of gold on the global stock exchange is currently fluctuating around $3,350, supported by the weak US dollar and investors' anticipation of this week's US employment reports, which could influence the US Federal Reserve's monetary policy direction regarding interest rates.
Gold Price Forecasts
Market experts expect continued volatility in global and local gold prices in the coming period, especially with the approaching resolution of sensitive international trade issues, in addition to movements in emerging markets and currency rates.