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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. 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 News Egypt confirms denial of airspace access to US B-52 bombers News Ayat Khaddoura's Final Video Captures Bombardment of Beit Lahia Lifestyle Pistachio and Raspberry Cheesecake Domes Recipe News Australia Fines Telegram $600,000 Over Terrorism, Child Abuse Content Arts & Culture Nicole Kidman and Keith Urban's $4.7M LA Home Burglarized Videos & Features Bouchra Dahlab Crowned Miss Arab World 2025 .. Reem Ganzoury Wins Miss Arab Africa Title (VIDEO) Sports Former Al Zamalek Player Ibrahim Shika Passes away after Long Battle with Cancer Sports Neymar Announced for Brazil's Preliminary List for 2026 FIFA World Cup Qualifiers News Prime Minister Moustafa Madbouly Inaugurates Two Indian Companies Arts & Culture New Archaeological Discovery from 26th Dynasty Uncovered in Karnak Temple