Gold Sweeps Markets, Reaching New Highs Locally ,Globally
Waleed Farouk
Gold prices rose in local markets during trading on Monday, with the ounce on the global stock exchange reaching a new record high. This was driven by increased demand due to the weak US dollar and fears of a global economic slowdown amid escalating trade tensions between the United States and China.
Gold prices rose by EGP 90 during today's trading, compared to the closing price of the week last Saturday evening. The price of a gram of 21-karat gold reached EGP 4,875, while an ounce rose by $78 to $3,405.
A gram of 24-karat gold reached EGP 5,572, a gram of 18-karat gold reached EGP 4,179, while a gram of 14-karat gold reached approximately EGP 3,250, and the gold pound reached approximately EGP 39,000.
According to the weekly report of the "iSaaga" platform, gold prices in local markets rose by 2.6%, or EGP 120, during last week's trading. A gram of 21-karat gold opened at EGP 4,665, touching EGP 4,800, its highest level ever, and closing at EGP 4,785. Meanwhile, an ounce rose by 2.7%, or $89, opening at $3,238, touching $3,358, its highest level ever, and closing at $3,327.
Gold prices in local markets recorded their highest levels ever, with the ounce rising on the global stock exchange to a record high of $3,405. This increase in demand stemmed from the decline of the dollar and concerns about a slowing global economy amid escalating trade tensions between the United States and China.
The Federal Reserve's independence is under threat, weakening the dollar's strength and causing it to fall to a three-year low, as US President Donald Trump considers firing Federal Reserve Chairman Jerome Powell.
US President Trump criticized Powell for not cutting interest rates, despite significant declines in commodity and oil prices. "The Federal Reserve should be cutting interest rates for the American people. That's the only thing he's good at," Trump said on Friday.
He added, "I'm not happy with him. If I wanted to fire him, I'd be fired quickly, believe me."
Meanwhile, White House economic advisor Kevin Hassett confirmed that the president and his team are exploring ways to remove Powell. "The president and his team will continue to study this issue," Hassett said on Friday.
US President Donald Trump's sweeping tariffs, coupled with the uncertainty surrounding his trade policies, have turbulent global markets and clouded the economic outlook for the world's largest economy, prompting investors to withdraw from US assets. Gold prices in local markets have risen by EGP 1,135, or 30%, since the beginning of the year. The price of a gram of 21-karat gold opened the year at EGP 3,740 and closed the week at EGP 4,875. Meanwhile, the price of an ounce on the global stock exchange has risen by approximately $781, or 30%, since the beginning of the year. Trading opened at $2,624 and closed last week at $3,405, according to data from the iSaaga platform. In a related development, markets are awaiting preliminary purchasing managers' index (PMI) data, the durable goods report, and the final consumer confidence index data during this week's trading, along with statements from some members of the US Federal Reserve, for clearer indications about the future of US monetary policy in the coming period.
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