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Gold Prices Decline Slightly In Local Markets

Waleed Farouk Gold prices declined in local markets during trading today, Saturday, coinciding with the global stock market's weekly holiday. The ounce fell by 0.2% at the end of a week that witnessed sharp fluctuations due to the trade truce between the United States and China. Gold prices fell by EGP 5 during today's trading, compared to yesterday's closing price, with the price of a gram of 21-karat gold reaching EGP 4,775, while the price of an ounce fell by $8 at the end of the week's trading, reaching $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, while 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 EGP 40 during trading on Friday. A gram of 21-karat gold opened at EGP 4,820 and closed at EGP 4,780. Meanwhile, an ounce fell by $30, opening at $3,349 and closing at $3,319. Gold prices in local markets witnessed sharp price fluctuations during trading this week, due to the uncertainty and ambiguity created by the conflicting economic decisions of the US administration. Improved demand for the dollar led to gold losing some of its gains from last Thursday's trading, despite a decline in US bond yields. The de-escalation of the US-China trade war led to a sharp decline in gold prices. Markets remain volatile, with investor sentiment oscillating between risk appetite and risk aversion, due to statements by US President Donald Trump. Earlier, press reports revealed that China wanted to exempt some American products from tariffs. Markets reacted positively to the news, but US President Donald Trump later said in press statements that he "wouldn't lift tariffs on China unless they gave us something." The University of Michigan Consumer Confidence Index fell in April from 57 to 52, and consumers' one-year inflation expectations rose from 5% to 6.5%, and their five-year inflation expectations rose to 4.4% from 4.1%. On Thursday, Cleveland Federal Reserve President Beth Hammack stated that the Fed could take action in June if the data supported it, but emphasized that uncertainty weighed heavily on the developments. The growing market expectations of the US Federal Reserve cutting interest rates by more than 85 basis points will strengthen gold and push it higher. In a related development, 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 Purchasing Managers' Index (PMI), and April nonfarm payrolls figures next week. 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