Friday 15 Nov
Gold prices in Egypt declined slightly on Wednesday, July 31, 2024, with a EGP 5 per gram drop across all karats. This minor decrease comes amidst a period of volatility in the Egyptian gold market, influenced by global gold price fluctuations and the fluctuating US dollar exchange rate.
Gold prices in Egypt Wednesday:
24-karat gold: Approximately EGP
3747 for buying and EGP 3703 for selling.
18-karat gold: Around EGP 2812
for buying and EGP 2780 for selling.
21-karat gold: EGP 3280 for
buying and EGP 3240 for selling.
Gold pound: Approximately EGP
26640 for buying and EGP 26096 for selling.
Global Gold Prices
Gold prices climbed on Wednesday,
poised for a monthly gain. The precious metal benefited from increased
safe-haven demand triggered by political unrest, particularly following the
assassination of Hamas leader Ismail Haniyeh. Anticipation of a potential US
interest rate cut also bolstered gold's appeal.
Spot gold rose 0.4% to $2,416.79
per ounce, while US gold futures increased by 0.5% to $2,414.80 per ounce.
Market expectations point to the Federal Reserve maintaining interest rates
today but potentially initiating cuts in September.
Prices of Other Precious Metals
Silver: Increased by 0.7% to
$28.60 per ounce.
Platinum: Rose by 1% to $968.80
per ounce.
Palladium: Climbed 1.3% to $900.21 per ounce, despite experiencing a monthly decline.
