Gold Prices in Egypt Slide Amid Dollar Strength; Investors Stay Cautious
Gold prices in Egypt's local markets fell Tuesday as global gold prices dropped, pressured by a stronger U.S. dollar and declining demand for safe-haven assets.
The price of 21-karat gold dropped by 30 Egyptian pounds to 4,610 EGP per gram compared to Monday's close. The global gold ounce fell by $51 to $3,291. Prices for 24-karat gold stood at 5,269 EGP per gram, 18-karat at 3,952 EGP, and 14-karat at about 3,074 EGP. The gold pound was valued around 36,880 EGP.
Monday saw a similar decline, with 21-karat gold falling 40 pounds during the session, while the ounce lost $16.
The dip reflects a broader global trend as the dollar gains strength and investors pull back from gold amid optimism over U.S. economic data and a more flexible stance by the U.S. administration on tariffs affecting European trade.
Gold, traditionally a safe haven during economic and political uncertainties, faces pressure when the dollar strengthens, as the metal's dollar-denominated price becomes costlier for holders of other currencies.
Despite recent losses totaling about 70 pounds over two days, gold remains an important hedge against inflation and market volatility, retaining appeal for Egyptian investors looking to diversify portfolios.
Market watchers are eyeing the Federal Reserve's upcoming policy meeting minutes, due Wednesday, for clues on future interest rate moves. Data on the Fed's favored inflation gauge, the core Personal Consumption Expenditures price index, is expected Friday.
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