Gold slips on diminished rate-cut hopes, rising trade tensions: iSagha
Said Embaby, CEO of iSagha, said that gold prices in Egypt fell by approximately EGP 10 compared to Monday's close. The price of 21-karat gold dropped to EGP 4,635 per gram, while the international ounce price declined by around $12 to reach $3,325.
The local market also saw 24k gold priced at EGP 5,297 per gram, 18k at EGP 3,973, and 14k at EGP 3,090. Meanwhile, the price of a gold pound settled at EGP 37,080.
On Monday, gold had posted modest gains, rising by around EGP 5. The 21k gram opened at EGP 4,640, fell to EGP 4,610, and closed at EGP 4,645. The ounce traded within a narrow range, opening and closing at $3,337 after dipping briefly to $3,303.
Embaby attributed Tuesday's decline in local prices to reduced liquidity in the market and a noticeable uptick in gold resale activity by citizens. Many opted to sell part of their holdings to either capitalise on recent high prices or meet urgent financial needs.
'Gold remains one of the most liquid and widely accepted assets globally,' Embaby noted, highlighting its dual role as both an inflation hedge and a flexible savings instrument. 'Its ability to be quickly converted into cash without cumbersome procedures makes it a preferred option for families facing rising living costs.'
He also pointed to external factors, including the strengthening US dollar and renewed aggressive trade rhetoric from Trump. The former president recently proposed a 10% tariff on imports from countries aligned with the BRICS bloc, suggesting August 1 as the implementation date. He also threatened additional tariffs on numerous Asian and African nations, stating there would be no exemptions for states pursuing policies deemed 'anti-American.'
Embaby warned that Trump's proposed tariffs could stoke inflationary pressures, prompting the Federal Reserve to maintain elevated interest rates for a longer duration. This, in turn, could reduce gold's attractiveness as a non-yielding asset, thereby exerting further downward pressure on prices.
However, he added that intermittent weakness in the US dollar has helped cap some of gold's losses. The greenback has struggled to sustain momentum amid concerns over the US fiscal outlook and uncertainty surrounding the broader economic implications of Trump's proposed trade policies—factors that continue to lend some support to gold as a safe haven.
Embaby concluded by noting that investors are closely watching the upcoming release of the Federal Open Market Committee (FOMC) meeting minutes, due Wednesday. The minutes are expected to offer clearer signals on the Fed's monetary policy path for the remainder of the year.
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