Gold Prices Today: Check Latest Rates in Egypt
The price of a 2g quarter pound of gold in Egypt Sunday recorded 8,100 pounds without adding the workmanship.
Ehab Wassef, head of the Jewelry & Precious Metals Industry and Mining Division of Egypt revealed that the price of an ounce of gold witnessed a noticeable decline during the past week, as it decreased by $81, with a decrease rate of 2.7%.
Gold prices in Egypt:
24 karat 4629 pounds.
21 karat 4050 pounds.
18 karat 3741 pounds.
14 karat 2700 pounds.
8g Gold Coin 32.400 pounds.
31g Ounce: $2.975.
Wassef indicated, during the weekly report issued by the Metals Division to monitor the movement of gold globally and locally, that this decline is the largest since November 2024, as it comes after 8 consecutive weeks of continuous increases during which gold recorded record levels.
The head of the Gold Division explained that the main reason behind this decline is the rise in the US dollar, which ended three consecutive weeks of declines, indicating that the strength of the dollar negatively affected the price of gold, as the relationship between them is inverse, as the higher the dollar, the lower the price of gold, and vice versa.
He also pointed out that gold achieved its highest historical peak last week at $2,956 per ounce, which is an indication of the beginning of a decline phase for profit-taking by investors who benefited from the successive increases during the past weeks.
Regarding the performance of gold in Egypt, He explained that the price of gold decreased by about 100 pounds, recording a decline rate of 2.3%, noting that the price of gold in Egypt has become more linked to fluctuations in the global stock market, especially in light of the stability of the dollar exchange rate against the Egyptian pound, which makes the local market more sensitive to global changes.
He added that gold in Egypt recorded this decline after a month and a half of continuous gains, as it had witnessed a gradual rise during the past period, and with this decline, Wassef expects that gold in Egypt aims to gather new upward momentum during the coming period, as it may rise again to target levels of 4,100 pounds per gram.
Wassef expected that global markets would witness more fluctuations in the coming period, especially with the continued impact of global economic factors, such as the movements of the US dollar, interest rates, and geopolitical tensions.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
See - Sada Elbalad
25 minutes ago
- See - Sada Elbalad
Gold Steadies as Markets Await Fed Chair's Speech at Jackson Hole
Waleed Farouk Global gold prices witnessed relative stability on Tuesday, supported by a weaker U.S. dollar and declining Treasury yields, as investors awaited Federal Reserve Chair Jerome Powell's speech at the Jackson Hole symposium, alongside monitoring geopolitical developments related to the Russia–Ukraine crisis. In the local market, gold prices rose by about 10 Egyptian pounds compared to Monday's close, with 21-carat gold reaching 4,540 pounds per gram. Meanwhile, the ounce gained $7 to trade at $3,340. The 24-carat gram stood at 5,189 pounds, 18-carat at 3,891 pounds, and 14-carat at 3,027 pounds, while the gold pound coin was priced at 36,320 pounds. This mild rebound followed Monday's decline of around 10 pounds domestically, when gold opened at 4,540 pounds and closed at 4,530 pounds, while the ounce slipped from $3,336 to $3,333. Dollar and Treasury Pressure The modest uptick in gold coincided with a 0.1% decline in the U.S. Dollar Index, which boosted the yellow metal's appeal to non-U.S. investors. U.S. Treasury yields also showed relative stability, with the 10-year yield standing at 4.324% and the 2-year yield easing to 3.761%. This reduced the opportunity cost of holding gold, a non-yielding asset. Focus on Jackson Hole Market attention is now fixed on the Federal Reserve's July meeting minutes and Powell's much-anticipated speech at the Jackson Hole symposium scheduled for August 21–23. This event is seen as particularly significant, as it is expected to provide fresh signals on future monetary policy, especially regarding inflation and the labor market, directly shaping September's interest rate expectations. The CME FedWatch tool indicates an 83% probability of a 25-basis-point rate cut next month. Geopolitical Risks On the political front, the White House summit between U.S. President Donald Trump, Ukrainian President Volodymyr Zelensky, and key European leaders added another layer of anticipation. Although the talks showed some diplomatic progress, the absence of a concrete ceasefire agreement left uncertainty elevated, supporting gold's role as a safe-haven asset. Trump also mentioned preliminary talks with Russian President Vladimir Putin over a potential trilateral summit, reaffirming Washington's commitment to working with European partners on long-term security guarantees for Ukraine. Bank and Institutional Outlooks Major financial institutions have raised their gold forecasts. UBS adjusted its targets, projecting the ounce to reach $3,600 by March 2026 and $3,700 by mid-2026, driven by stronger demand from central banks and investment funds. Goldman Sachs maintained its bullish outlook, forecasting $3,700 by the end of 2025 and $4,000 by mid-2026. These projections are underpinned by continued dollar weakness, mounting macroeconomic risks, and the growing role of central banks in boosting gold demand. U.S. Economic Indicators Recent U.S. economic data presented a mixed picture: while retail sales were strong, reflecting resilient consumer spending, confidence indicators weakened, with long-term inflation expectations on the rise. This suggests growing caution among American households. Consequently, markets have scaled back expectations for aggressive monetary easing, though a September rate cut remains the most likely scenario. According to a Reuters poll on August 15, 67 out of 110 economists expect a quarter-point rate cut next month, while 42 predict no change, and only one foresees a half-point cut. Markets now await tomorrow's release of the Fed minutes, followed by Powell's Friday speech at Jackson Hole. Any hints of monetary easing will act as a direct catalyst for gold's rise, while the yellow metal continues to benefit from global geopolitical uncertainty, maintaining its position as a strategic investment asset in turbulent times. read more CBE: Deposits in Local Currency Hit EGP 5.25 Trillion Morocco Plans to Spend $1 Billion to Mitigate Drought Effect Gov't Approves Final Version of State Ownership Policy Document Egypt's Economy Expected to Grow 5% by the end of 2022/23- Minister Qatar Agrees to Supply Germany with LNG for 15 Years Business Oil Prices Descend amid Anticipation of Additional US Strategic Petroleum Reserves Business Suez Canal Records $704 Million, Historically Highest Monthly Revenue Business Egypt's Stock Exchange Earns EGP 4.9 Billion on Tuesday Business Wheat delivery season commences on April 15 Videos & Features Story behind Trending Jessica Radcliffe Death Video News Israeli-Linked Hadassah Clinic in Moscow Treats Wounded Iranian IRGC Fighters Arts & Culture "Jurassic World Rebirth" Gets Streaming Date News China Launches Largest Ever Aircraft Carrier News Ayat Khaddoura's Final Video Captures Bombardment of Beit Lahia Business Egyptian Pound Undervalued by 30%, Says Goldman Sachs Videos & Features Tragedy Overshadows MC Alger Championship Celebration: One Fan Dead, 11 Injured After Stadium Fall Arts & Culture South Korean Actress Kang Seo-ha Dies at 31 after Cancer Battle Lifestyle Get to Know 2025 Eid Al Adha Prayer Times in Egypt News The Jessica Radcliffe Orca Attack? 100% Fake and AI-Generated
See - Sada Elbalad
25 minutes ago
- See - Sada Elbalad
Gold Headed to $4,000 in 2026 Despite Potential Temporary Corrections
Waleed Farouk Economist John Luca confirmed that global gold prices recorded a remarkable surge of nearly 26% in U.S. dollar terms during the first half of 2025. He noted that this performance reflects strong structural demand from major economies and investors seeking safe-haven assets amid escalating geopolitical tensions and persistent inflationary pressures. uca stated that his forecasts point to an average gold price of $3,675 per ounce by Q4 2025, with the potential to reach $4,000 in Q2 2026. He explained that his analysis highlights continued positive momentum in the market, even though some temporary corrections may occur. He also projected that gold could average $3,070 per ounce by the end of December 2025, with a yearly average of around $3,220. Some estimates, he added, suggest a year-end price of $3,634 per ounce. However, he cautioned about a potential downside scenario where prices could drop by as much as 12% toward $1,980, if inflationary pressures were to ease suddenly. Nevertheless, Luca emphasized that gold remains a strategic investment, supported by structural factors such as global currency volatility and ongoing geopolitical risks. Gold in the Egyptian Market On the local front, Luca pointed out that gold prices in Egypt have risen about 21% since the start of 2025, driven by strong global demand and political tensions. He expects an additional 10% increase by year-end, with global prices potentially reaching $3,200 per ounce, which would directly impact the Egyptian market. He stressed that investing in gold in Egypt remains an exceptional opportunity, especially given forecasts for international prices to reach $3,700 in early 2026. Short-Term Outlook Regarding the current situation, Luca noted that global prices are hovering near $3,336 per ounce, with expectations of narrow trading in the near term and a possible limited correction down to $3,295. However, he underscored that the broader trend remains positive, supported by inflationary pressures and critical geopolitical events, with prices likely to resume their upward trajectory by the end of August. He concluded by saying that gold is in a strong position to achieve further gains in the medium term, with any declines likely to remain temporary corrections rather than the beginning of a long-term reversal. read more CBE: Deposits in Local Currency Hit EGP 5.25 Trillion Morocco Plans to Spend $1 Billion to Mitigate Drought Effect Gov't Approves Final Version of State Ownership Policy Document Egypt's Economy Expected to Grow 5% by the end of 2022/23- Minister Qatar Agrees to Supply Germany with LNG for 15 Years Business Oil Prices Descend amid Anticipation of Additional US Strategic Petroleum Reserves Business Suez Canal Records $704 Million, Historically Highest Monthly Revenue Business Egypt's Stock Exchange Earns EGP 4.9 Billion on Tuesday Business Wheat delivery season commences on April 15 Videos & Features Story behind Trending Jessica Radcliffe Death Video News Israeli-Linked Hadassah Clinic in Moscow Treats Wounded Iranian IRGC Fighters Arts & Culture "Jurassic World Rebirth" Gets Streaming Date News China Launches Largest Ever Aircraft Carrier News Ayat Khaddoura's Final Video Captures Bombardment of Beit Lahia Business Egyptian Pound Undervalued by 30%, Says Goldman Sachs Videos & Features Tragedy Overshadows MC Alger Championship Celebration: One Fan Dead, 11 Injured After Stadium Fall Arts & Culture South Korean Actress Kang Seo-ha Dies at 31 after Cancer Battle Lifestyle Get to Know 2025 Eid Al Adha Prayer Times in Egypt News The Jessica Radcliffe Orca Attack? 100% Fake and AI-Generated
See - Sada Elbalad
4 hours ago
- See - Sada Elbalad
Egypt, Japan See 12 Pct Increase in Trade Value First Five Months of 2025
H-Tayea Economic relations between Egypt and Japan witnessed notable growth in the first five months of 2025, as the value of trade between the two countries rose by 12.6 percent. Figures from the Central Agency for Public Mobilization and Statistics (CAPMAS) revealed that trade reached 386 million US dollars, compared to 342.7 million dollars during the same period in 2024. This increase highlights the strengthening partnership between the two nations despite shifts in the balance of trade. The report showed that while Egyptian exports to Japan declined, falling from 31.7 million dollars to 27.5 million dollars, marking a decrease of 13.3 percent, imports from Japan surged significantly. Egyptian imports climbed to 358.5 million dollars, up from 311 million dollars in the first five months of 2024, reflecting an increase of 15.2 percent. The data illustrates Egypt's growing reliance on Japanese industrial and automotive products, alongside steady but smaller volumes of agricultural and food exports from Egypt to the Japanese market. Beyond trade, bilateral economic ties also strengthened in other areas. Japanese investments in Egypt rose by 7 percent, reaching 73.2 million dollars in the fiscal year 2023/2024, compared to 68.4 million dollars the year before. Financial flows also recorded positive momentum, with remittances from Egyptians working in Japan rising to 5.6 million dollars, an 11 percent increase, while remittances from Japanese workers in Egypt reached 1.3 million dollars, growing by 18.2 percent year on year. read more CBE: Deposits in Local Currency Hit EGP 5.25 Trillion Morocco Plans to Spend $1 Billion to Mitigate Drought Effect Gov't Approves Final Version of State Ownership Policy Document Egypt's Economy Expected to Grow 5% by the end of 2022/23- Minister Qatar Agrees to Supply Germany with LNG for 15 Years Business Oil Prices Descend amid Anticipation of Additional US Strategic Petroleum Reserves Business Suez Canal Records $704 Million, Historically Highest Monthly Revenue Business Egypt's Stock Exchange Earns EGP 4.9 Billion on Tuesday Business Wheat delivery season commences on April 15 Videos & Features Story behind Trending Jessica Radcliffe Death Video News Israeli-Linked Hadassah Clinic in Moscow Treats Wounded Iranian IRGC Fighters Arts & Culture "Jurassic World Rebirth" Gets Streaming Date News China Launches Largest Ever Aircraft Carrier News Ayat Khaddoura's Final Video Captures Bombardment of Beit Lahia Business Egyptian Pound Undervalued by 30%, Says Goldman Sachs Videos & Features Tragedy Overshadows MC Alger Championship Celebration: One Fan Dead, 11 Injured After Stadium Fall Arts & Culture South Korean Actress Kang Seo-ha Dies at 31 after Cancer Battle Lifestyle Get to Know 2025 Eid Al Adha Prayer Times in Egypt News The Jessica Radcliffe Orca Attack? 100% Fake and AI-Generated
