2024/07/31

Gold prices drop slightly on Wednesday

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.