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Egyptian gold prices witnessed a modest decline this week, with the benchmark 21-karat gold retreating by approximately 0.64% to settle at EGP 6,990. The local market is currently caught in a tug-of-war between a hawkish US Federal Reserve and persistent geopolitical instability in the Middle East. According to Said Embabi, Executive Director of iSagha, the market is in a "repricing" phase, where local price discovery is being driven almost entirely by global bullion volatility rather than domestic exchange rate shifts.

While the global spot price of gold dropped by nearly 2.1% earlier in the week, closing near $4,708 per ounce, local traders have maintained a cautious pricing strategy. The "price gap" between local market rates and global fair value narrowed significantly from EGP 95 to EGP 25, signaling an improvement in pricing efficiency as domestic merchants avoid aggressive speculative moves. Analysts expect gold to continue trading within a narrow horizontal range in the coming weeks, awaiting clearer signals on US interest rate trajectories.