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Gold prices in Egypt remained stable on Friday morning, following modest gains earlier this week, supported by renewed global demand for safe-haven assets amid escalating trade tensions between the United States and India.

The price of 21-karat gold, the most widely traded in the local market, stood at EGP 4,600 per gram, unchanged from Thursday’s levels.

Here’s a breakdown of domestic gold prices:

24-karat gold: EGP 5,257 per gram

21-karat gold: EGP 4,600 per gram

18-karat gold: EGP 3,942 per gram

Gold pound (8 grams of 21k): EGP 36,800

Global Gold Surpasses $3,400 an Ounce

On the international front, gold prices resumed their upward trajectory, recovering from Wednesday’s losses and hitting a two-week high of $3,400 per ounce, according to analysis by Gold Bullion. The precious metal is now facing a key psychological resistance level at that mark, with global markets on edge.

Trump Tariffs Fuel Market Volatility

The renewed rally in gold came in the wake of a major announcement by U.S. President Donald Trump, who declared a new round of 25% tariffs on Indian imports, citing India’s continued purchase of Russian oil. The move deepens the trade rift between the two nations after recent negotiations collapsed.

The tariffs, set to take effect 21 days from August 7, could rise to 50% on some products—marking one of the highest tariffs ever imposed by the U.S. on a trading partner. Trump also hinted at potential 100% tariffs on imported semiconductors.

These developments have sent the U.S. dollar index to a two-week low, enhancing gold’s appeal due to their inverse correlation. Meanwhile, falling U.S. bond yields have further boosted gold’s attractiveness as a non-yielding store of value.

With rising geopolitical uncertainty and shifting monetary expectations, investors continue to pivot toward gold, reinforcing its role as a traditional hedge in times of global instability.