Friday 15 Nov
Gold prices in Egypt declined today, Monday, with the popular 21-karat variety dropping approximately 10 Egyptian pounds to 3265 pounds per gram. The decrease mirrors global gold market trends.
Local Gold Prices:
24-karat: 3731 Egyptian pounds
21-karat: 3265 Egyptian pounds
18-karat: 2799 Egyptian pounds
Gold pound: 26120 Egyptian pounds
Global and Local Outlook
Global gold prices retreated for
the second consecutive week, influenced by profit-taking after recent record
highs. However, short-term prospects remain positive due to anticipated
interest rate cuts by the U.S. Federal Reserve.
Egypt's gold market has followed
the global trend, with local prices closely tied to international fluctuations.
Despite a stable dollar exchange rate and weak domestic demand, gold prices
have declined in line with the global market.
While gold prices fell to near $2350 per ounce last week, they rebounded to close near $2400. The overall upward trend for gold is expected to continue as long as prices hold above $2280 per ounce, with a potential return to the $2400-$2410 range.
