Gold Prices Slip in Egypt as 21-Karat Loses EGP 30 per Gram
Gold prices edged lower in Egypt during Friday’s trading, with the widely traded 21-karat grade falling by around EGP 30 per gram amid weaker global bullion prices and subdued demand in the domestic market.
The price of 21-karat gold declined to approximately EGP 5,940 per gram, excluding workmanship fees, taxes and stamp duties, which vary between retailers and jewellery manufacturers.
Meanwhile, 24-karat gold was priced at around EGP 6,789 per gram, while 18-karat gold stood at EGP 5,091. The price of 14-karat gold reached approximately EGP 3,960 per gram, while the gold pound was valued at EGP 47,520.
The local decline came as buying activity remained relatively quiet, with weaker consumer demand and slower investment purchases adding pressure to prices.
Internationally, gold fell by around $50 an ounce to approximately $4,057, as investors took profits and shifted towards higher-risk assets. Improved sentiment surrounding geopolitical developments also reduced demand for bullion as a safe-haven investment.
Market participants continue to monitor changes in US interest-rate expectations, movements in the dollar and geopolitical developments, all of which remain key drivers of gold prices in both international and Egyptian markets.