Gold Prices Fall Locally and Globally Amid Dollar Strength and Inflation Concerns

Gold prices declined in both local markets and the global exchange on Monday, pressured by the strengthening US dollar. The rise in energy costs also fueled inflation concerns, reducing expectations for near-term interest rate cuts, according to a report by the “Ai Sagha” platform.

Engineer Saeed Embabi, CEO of the platform, stated that local gold prices fell by approximately EGP 50 during trading today, bringing the price of a gram of 21-carat gold down to EGP 7,450. On the global market, the ounce dropped by around USD 80 to reach USD 5,094.

Embabi added that a gram of 24-carat gold was priced at EGP 8,514, while 18-carat gold reached EGP 6,386. The price of a gold pound stood at EGP 59,600.