Gold Prices Edge Lower in Egypt as Global Markets Seek Direction

Gold prices in Egypt saw slight movement today, reflecting a cautious tone both locally and globally as investors monitor geopolitical developments and economic signals. The price of 21-carat gold, the most commonly traded in Egypt, fell to EGP 4,625 per gram (excluding workmanship), marking a modest decline in line with broader market sentiment.

The latest gold prices in the local market are as follows:

24-carat: EGP 5,286

21-carat: EGP 4,625

18-carat: EGP 3,964

14-carat: EGP 3,083

Gold pound (8 grams of 21-carat): EGP 37,000

Internationally, gold retreated sharply to trade near its lowest level in nearly a month, settling at $1,675 per ounce, down 1.7%. The decline follows signs of easing tensions in the Middle East, which had previously driven safe-haven demand.

Despite this drop, gold’s attempt to recover continues as the U.S. dollar remains near a one-week low against a basket of major currencies. A weaker dollar typically makes gold more attractive to holders of other currencies.

Additionally, the yield on 10-year U.S. Treasury bonds has fallen for the sixth consecutive day, reaching its lowest level in over six weeks. This suggests declining investor confidence in government bonds—a trend that often favors non-yielding assets like gold.

Market analysts are closely watching for fresh economic data and geopolitical cues that could determine the next move for gold prices both domestically and internationally.