Stability in Gold Prices

The gold market in Egypt recovered from a wave of record highs, bringing the price of the precious metal to an unprecedented level in the Egyptian market. The stability of gold prices coincided with the calm movement of the foreign exchange market and the stability of the dollar against the Egyptian pound at a time when demand for the yellow metal declined.

Current Prices in Egypt

During recent trades, the 21 carat gram has stabilized at 2,350 pounds. At the same time, the price of an 18-carat gram has stabilized at the level of 2014 pounds sterling. The 24 carat gram weighed 2686 pounds. While the price of a gold pound is around £18,800.

Decline in Demand for Gold

The General Department of Gold and Jewelery of the General Federation of Egyptian Chambers of Commerce said that the decline in demand for gold in the markets during the current period directly contributed to price stability at the level of 2340 to 2350 pounds for more than 10 consecutive days, amid anticipation of the amount of gold received by returnees from -abroad. And she explained, according to a recent statement, that the demand for artifacts is still very modest compared to the volume of demand for pounds and bullion, which has been at the forefront over the past months since the beginning of 2023.

Global Market Impact

On the global market, she indicated that gold prices declined after two days of cautious gains as trading in the precious metal is impacted by a narrow trading range due to lack of price drivers in the markets, with markets bracing for a Federal Reserve decision next week. World gold prices showed a limited decline during trading on Wednesday after rising prices in trading last Tuesday. This came in light of conflicting expectations about the Federal Reserve’s interest rate decision in light of economic data released by the US economy, the latest of which is data from the services sector, which indicate that the monetary tightening cycle will not stop.

Current Spot Gold Prices

Spot gold traded in line with the Golden Billion at $1,960 an ounce, down 0.1% in recent trading after gold rose 0.8% last Tuesday, gaining almost $15. The precious metal managed to rise and close above the $1950/oz level after hitting a weekly low of $1938/oz. Yesterday, the movement of gold entered a narrow range due to the coincidence of factors affecting the price of gold, according to Gold Billion.