Continued Geopolitical Volatility ,Uncertainty Boost Investor Appetite For Gold As A Strategic Safe Haven
Waleed Farouk
Gold prices rose in local markets during trading on Tuesday, with the ounce on the global stock exchange reaching a new record high. This was driven by escalating trade disputes between the United States and China, geopolitical instability, and growing doubts about the course of the US Federal Reserve's policy.
Gold prices rose by EGP 50 during trading today, compared to yesterday's close, with the price of 21-karat gold reaching EGP 4,950 per gram, while the price of an ounce rose by $78 to $3,405.
The price of 24-karat gold reached EGP 5,657 per gram, the price of 18-karat gold reached EGP 4,243 per gram, and the price of 14-karat gold reached approximately EGP 3,300 per gram, while the price of the gold pound reached approximately EGP 39,600 per gram.
According to the weekly report of the "iSaaga" platform, gold prices in local markets rose by EGP 115 during trading yesterday, Monday. A gram of 21-karat gold opened at EGP 4,785 and closed at EGP 4,900. Meanwhile, an ounce rose by $97, opening at $3,327 and closing at $3,424.
Gold prices in local markets recorded their highest levels, with the price of a gram of 21-karat gold touching EGP 5,000 for the first time in its history. This was due to the rise of an ounce on the global stock exchange to a record high of $3,500. This was a result of the decline of the dollar and growing concerns about a global economic slowdown amid escalating trade tensions between the United States and China.
Markets are experiencing a state of instability due to growing uncertainty, as the US political campaign to pressure the independence of the US Federal Reserve has strengthened gold. US President Donald Trump launched a scathing attack on Federal Reserve Chairman Powell over his policy of continuing to raise interest rates, stating that he is considering any means or possibilities to replace the president with someone Trump has chosen to quickly lower US interest rates.
President Trump's approach to the Federal Reserve's interest rate cuts poses a threat to the central bank's independence, pushing the US dollar to its lowest level since 2022.
The renewed trade conflict has destabilized financial markets and prompted risk-averse investors to turn to gold as a hedge.
Tensions escalated after the United States announced additional tariffs on Chinese imports, raising fears of a broader slowdown in global trade. Beijing responded with stern warnings against bilateral agreements with the US, indicating a deterioration in diplomatic relations.
Analysts noted that gold continues to benefit as confidence in the US dwindles due to the ongoing trade war. China has escalated its ongoing conflict with the US, saying it will retaliate against countries that submit to US demands to isolate Beijing. China also took new trade steps to isolate the United States in global commodity markets, reducing its imports of American oil by 90% and purchasing record quantities of crude from Canada. Meanwhile, China increased its imports of soybeans from Brazil. In a related development, markets are awaiting preliminary PMI data, the durable goods report, and the final consumer confidence index, along with statements from several Federal Reserve officials, for clearer indications on the future of US monetary policy.
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