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Gold Prices Rise Amid Market Anticipation of Central Bankers' Policy Statements

Waleed Farouk Gold prices rose in local markets on Tuesday, in tandem with a strong rally in global spot prices, as markets await key policy signals from central bankers participating in the European Central Bank's (ECB) annual forum in Portugal. Locally, gold gained EGP 40 compared to Monday's closing, with 21-karat gold reaching EGP 4,660 per gram. Meanwhile, global spot gold rose by $42, hitting $3,350 per ounce. 24-karat gold: EGP 5,326 18-karat gold: EGP 3,994 14-karat gold: EGP 3,107 Gold pound (8g of 21-karat): EGP 37,280 On Monday, prices had already edged up EGP 10, with 21-karat gold opening at EGP 4,610 and closing at EGP 4,620. Globally, gold opened at $3,274/oz and closed at $3,308, a daily increase of $34. This dual upward movement in both local and global markets comes as investors shift focus to the ECB forum, where central bank leaders are expected to offer insights into the future of global monetary policy. Key Speakers at the Forum: Christine Lagarde, President of the ECB Kazuo Ueda, Governor of the Bank of Japan Andrew Bailey, Governor of the Bank of England Jerome Powell, Chair of the U.S. Federal Reserve This annual meeting is seen as a major opportunity for markets to decode policy intentions—especially at a time when central banks are walking a tightrope between containing inflation and maintaining economic growth. These forums often either project a unified message among central banks or highlight policy divergences, influencing the movement of major assets like gold, currencies, and bonds. Focus on Powell's Speech Amid U.S. Political Turmoil Markets are especially tuned in to Jerome Powell's remarks, as former President Donald Trump escalated his criticism of Powell on Monday, intensifying concerns about the Federal Reserve's independence. Trump's public attacks have fueled speculation about a potential change in Powell's tone—or even a move to replace him—which in turn boosted gold's appeal as a safe-haven asset amid heightened political uncertainty and a weakening dollar. Key U.S. Economic Data Ahead The U.S. private sector jobs report is due on Wednesday and is viewed as a leading indicator for the official employment report. On Thursday, markets will receive: Non-Farm Payrolls (NFP) Weekly jobless claims Services PMI Outlook: Gold Seen as Safe Haven Amid Uncertainty In this climate of political instability, divergent monetary expectations, and mounting financial anxieties, gold continues to stand out as the safest option for investors. Many analysts now believe that gold may be on the verge of a technical breakout, potentially supporting further upside momentum in the near term. 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 China Launches Largest Ever Aircraft Carrier Sports Former Al Zamalek Player Ibrahim Shika Passes away after Long Battle with Cancer Videos & Features Tragedy Overshadows MC Alger Championship Celebration: One Fan Dead, 11 Injured After Stadium Fall Lifestyle Get to Know 2025 Eid Al Adha Prayer Times in Egypt Business Fear & Greed Index Plummets to Lowest Level Ever Recorded amid Global Trade War News Flights suspended at Port Sudan Airport after Drone Attacks Videos & Features Video: Trending Lifestyle TikToker Valeria Márquez Shot Dead during Live Stream News Shell Unveils Cost-Cutting, LNG Growth Plan Technology 50-Year Soviet Spacecraft 'Kosmos 482' Crashes into Indian Ocean News "Tensions Escalate: Iran Probes Allegations of Indian Tech Collaboration with Israeli Intelligence"