I witnessed Gold prices There was a state of stability in the Egyptian market during Friday’s trading, despite the sharp decline recorded by the yellow metal in global markets at the end of yesterday’s session, Thursday, affected by global political and economic developments.
The price of 21 karat gold – the most traded in Egypt – recorded about 7,140 pounds per gram, maintaining the same levels at the end of yesterday’s trading, in light of the state of anticipation that dominates the local markets, awaiting developments in global prices during the coming hours.
This local stability came despite the global decline in gold prices by approximately 3% during Thursday’s trading, as an ounce of gold fell to its lowest level at $4,553, after trading opened at $4,758, while it is currently trading near the level of $4,617 per ounce.
This sharp decline is due to the repercussions of US President Donald Trump’s statements, during which he indicated the continuation of military operations in Iran in the coming weeks, which led to escalation of geopolitical tensions and increased uncertainty in global markets.
These developments prompted investors to turn to the US dollar and oil as alternative havens, as oil prices rose by more than 7% to approach the level of $110 per barrel, while the dollar rose by about 0.6%, which put direct pressure on gold prices globally.
Gold also failed to breach the resistance level at $4,750 per ounce, despite recording the highest level in two weeks during the previous session at $4,793, which reinforced the wave of decline and pushed prices to decline significantly.
In terms of local prices, the price of 24 karat was about 8,160 pounds, while the price of 18 karat was about 6,120 pounds, while the gold pound recorded about 57,120 pounds.
Analysts believe that the continued pressure on gold globally may gradually affect the local market in the coming days, especially if the dollar continues to strengthen and oil prices rise, which may push prices in Egypt to decline further, despite the current state of stability.
