Egyptian Gold Prices Retreat as Global Bullion Plummets 3.7% on Hawkish Fed Outlook
Domestic gold prices in Egypt extended their losses on Saturday, aligning with the global weekend lull after a tumultuous week for precious metals. According to a report by the "Gold Monitor" Center for Economic Studies, global bullion shed 3.7% ($175) this week, closing at $4,541 per ounce. This sharp decline was triggered by a resurgent U.S. Dollar, climbing Treasury yields, and accelerating U.S. inflation data, which collectively solidified expectations that the Federal Reserve will maintain its aggressive monetary tightening stance for longer.
Dr. Walid Farouk, Researcher in Gemological Affairs and Director of the Gold Monitor, revealed that the local benchmark 21-karat gold dropped to EGP 6,850 per gram, down by EGP 20 from yesterday's close. Farouk added that 24-karat gold recorded EGP 7,829 per gram, while the 18-karat variant stood at EGP 5,871 per gram. The Gold Coin (Ginei) stabilized at EGP 54,800. The report noted that this downward trajectory follows a larger EGP 75 slide on Friday, driven by shifting global sentiment as 30-year U.S. real yields surged past 5%, significantly increasing the opportunity cost of holding non-yielding assets like gold.