Egypt’s Gold Prices Stabilize Amid Global Weekly Slump and US Monetary Tightening
Local gold prices in Egypt remained steady during Saturday’s sessions, coinciding with the global market’s weekend hiatus. This stability follows a turbulent week for the precious metal, which saw global bullion prices decline by 2% for the second consecutive week. According to the "Gold Observatory" for Economic Studies, the international downturn is primarily fueled by the persistent hawkish stance of the US Federal Reserve, rising oil prices, and escalating inflationary fears.
Dr. Walid Farouk, Director of the Gold Observatory, noted that 21-karat gold—the market's benchmark—settled at EGP 6,960 per gram. Globally, the ounce closed at $4,614, marking a minor dip from Friday's opening. Analysts suggest that while global factors are bearish, the Egyptian market's resilience highlights gold’s role as a primary hedge against local currency fluctuations and inflation.