Financial Pressures ,Trade Policy Uncertainty Fuel Demand For Gold ,Silver
Waleed Farouk
Gold prices rose in local markets during trading on Wednesday, with the ounce rising on the global stock exchange, supported by financial pressure and geopolitical tensions.
Gold prices rose in local markets by about 30 Egyptian pounds during trading today, compared to yesterday's closing price. The price of a gram of 21-karat gold reached 4,660 Egyptian pounds, while an ounce rose by about $17 to $3,311.
A gram of 24-karat gold reached 5,326 Egyptian pounds, a gram of 18-karat gold reached 3,994 Egyptian pounds, a gram of 14-karat gold reached 3,107 Egyptian pounds, and the gold pound reached 37,280 Egyptian pounds. Gold prices in local markets rose by EGP 80 during trading on Tuesday. The price of a gram of 21-karat gold opened at EGP 4,550 and closed at EGP 4,630. An ounce rose by $56, opening at $3,234 and closing at $3,294.
Gold prices rose due to increased demand for safe havens, following Israeli statements regarding a possible attack on Iranian nuclear facilities.
A CNN report stated that Israel is planning an attack on Iranian nuclear facilities. It is still unclear whether a final decision has been made to carry out the attack, and markets are looking for confirmation from US or Israeli leaders.
Growing expectations of a Federal Reserve interest rate cut have put downward pressure on the dollar, increasing demand for non-yielding assets such as gold. Recent data from the US Department of Commerce showed retail sales flat in April, while consumer price growth slowed to 3.4% year-on-year, down from 3.5% in March. These figures, along with declining labor market indicators, supported the case for monetary easing, enhancing gold's appeal as an economic hedge.
In the United States, President Trump is facing setbacks at home, as his administration struggles to secure sufficient support to pass a tax bill through Congress. Trump expressed frustration on Capitol Hill while speaking with lawmakers who demanded a significant increase in the maximum deduction for state and local taxes.
Market anxiety was exacerbated after Moody's cut its credit outlook for the US last week, citing a deficit expected to exceed 6.2% of GDP over the next two years. Furthermore, the Trump administration's proposed tax package, which analysts estimate could increase US debt by as much as $5 trillion, has exacerbated financial fragility. Meanwhile, escalating trade tensions between the United States and China over semiconductor exports and industrial policy have fueled fears of supply shocks and growth disruptions. Combined with ongoing global uncertainty, these dynamics are boosting demand for gold and silver. As investors reassess potential Federal Reserve rate cuts and future structural risks, the outlook for precious metals remains strongly supported.
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