Gold prices in Egypt today:
24-karat: EGP 6,102 per gram
21-karat: EGP 5,340 per gram
18-karat: EGP 4,577 per gram
Gold Pound: EGP 42,720
The decline followed cautious movements in global markets
after the United States Federal Reserve decided to cut interest rates by 0.25%
on October 29, marking the second cut this year.
The remarks made by Jerome Powell, Chair of the Federal
Reserve, carried a hawkish tone. The comments reduced expectations of continued
monetary easing in 2025.
Analysts indicated that markets now expect a new interest
rate cut in December at only 71 percent, compared to more than 90 percent
before Powell’s statements. The shift supported the strength of the US dollar
and weakened gold’s appeal as a safe haven asset.
Market expectations for gold also declined after geopolitical
tensions eased following the positive meeting between United States President
Donald Trump and Chinese President Xi Jinping in South Korea. The meeting
resulted in a commitment by both sides to ease trade barriers, which reduced
market tensions and weighed on the precious metal.