Gold Prices Decline in Egypt as Global Ounce Falls to Four-Week Low
Gold prices in Egypt continued their downward trend today, mirroring a global decline that pushed the yellow metal to its lowest level in nearly four weeks. The retreat comes amid easing geopolitical tensions and investor anticipation of upcoming U.S. inflation data.
As of today’s trading session, local market prices stood at:
24K gold: EGP 5,257 per gram
21K gold: EGP 4,650 per gram
18K gold: EGP 3,942 per gram
Gold pound (8 grams of 21K): EGP 36,800
According to Gold Bullion (Gold Billion), the international gold price dropped by 1.3% during today’s session, reaching $3,281 per ounce, down from an opening price of $3,325. This marks the lowest level in approximately a month, as gold failed to break key resistance at $3,350.
The metal is on track for a weekly loss of around 2.5%, its second consecutive week in the red. During Friday’s session, gold broke through major support levels at $3,325 and $3,300 amid a wave of selling pressure, driven by declining demand for safe-haven assets.
This trend reflects a broader investor shift toward riskier assets, despite the continued decline of the U.S. dollar against a basket of major currencies for the fifth straight day. Typically, a weaker dollar supports gold prices, but the recent ceasefire between Iran and Israel, alongside progress in U.S.-China trade talks, has eased market anxiety and reduced gold's appeal as a haven.
In Egypt, the domestic gold market is also experiencing muted demand, as global weakness and cautious consumer sentiment weigh on local purchasing activity, contributing to the ongoing price decline