Gold Prices Decline 0.2% In Local ,Global Markets Over The Course Of A Week
Waleed Farouk
Gold prices in local markets fell by 0.2% during trading in the week ending Saturday evening, while the ounce fell by 0.2% during trading in the week ending Friday evening. This was due to the easing of trade tensions between the United States and China and the appreciation of the dollar, which pressured demand for safe havens.
Gold prices in local markets fell by EGP 10 during trading last week, with 21-karat gold opening at EGP 4,785, reaching EGP 4,850, and closing at EGP 4,775. Meanwhile, the ounce fell by $8, opening at $3,327 and closing at $3,319. The price of a gram of 24-karat gold reached EGP 5,457, while the price of a gram of 18-karat gold reached EGP 4,093. The price of a gram of 14-karat gold reached approximately EGP 3,184, and the gold pound reached approximately EGP 38,200.
According to the daily report of the "iSaaga" platform, gold prices in local markets fell by approximately EGP 5 during trading yesterday, Saturday. The price of a gram of 21-karat gold opened at EGP 4,780 and closed at EGP 4,775, coinciding with the weekly global stock exchange holiday.
Gold prices in local markets witnessed sharp price fluctuations during trading this week, due to the uncertainty and ambiguity caused by the conflicting economic decisions of the US administration. Easing trade tensions between the United States and China and a stronger dollar have pressured the yellow metal. Reports that Beijing has begun exempting some US goods from its 125% tariffs have sparked optimism about a possible resolution to the trade dispute, negatively impacting safe-haven assets like gold.
Tariff exemptions are a step toward calming tensions, reducing concerns about prolonged global trade disruption. However, they often put pressure on gold as demand for safe havens declines.
Uncertainty, ongoing concerns about global economic growth, and aggressive central bank gold buying support gold's long-term rally.
HSBC's annual Reserve Management Trends Report, conducted in partnership with the Central Banking Sector, showed that 37% of respondents plan to increase their gold allocations in the coming year.
The report stated: "For most of those planning to do so, gold is viewed as a portfolio diversifier, and many also see it as a long-term store of value, a good performer in times of crisis, and a geopolitical diversifier." The report indicated that US protectionist policies emerged as the biggest risk facing central banks today—despite the HSBC annual survey being conducted before the US tariff announcements set for early April 2025, which shook financial markets.
In a related context, markets are awaiting the release of the US JOLTS report for March, the first reading of GDP for the first quarter of 2025, the ISM manufacturing PMI, and April nonfarm payrolls figures.
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