Gold prices drops in Egypt's local market: iSagha
Said Embaby, CEO of iSagha, an online platform for gold and jewelry trading, stated that the price of 21-karat gold dropped by EGP 140 over the week, opening at EGP 4,775 per gram and closing at EGP 4,635. On the global level, gold prices fell by $78 per ounce, from $3,319 to $3,241.
Embaby noted that 24k gold reached EGP 5,297 per gram, 18k gold stood at EGP 3,973, while 14k gold was priced at EGP 3,090 per gram. Meanwhile, the price of a gold pound declined to EGP 37,080.
He highlighted that since peaking at EGP 5,000 per gram on April 22, local gold prices have dropped by EGP 365. Embaby advised against purchasing gold during sharp and consecutive price increases, urging buyers to wait for market stability to avoid losses. He emphasized that more favorable buying and selling opportunities arise during periods of relative calm.
According to Embaby, gold sales in Egypt had improved noticeably in recent weeks amid rising prices, as many citizens rushed to buy out of fear of missing out on further increases—a move that could either result in short-term gains or eventual losses if prices retreat.
On the global stage, gold prices were weighed down by profit-taking activity and signs of progress in US-China trade relations. Recent US employment data released on Friday also contributed to the decline, prompting investors to lock in profits. China revealed it is considering a US proposal to resume trade talks, marking what could be a significant step toward resolving the prolonged trade dispute between the world's two largest economies.
Analysts suggest that recent economic indicators might encourage the US Federal Reserve to consider a rate cut during its upcoming meeting on Wednesday, May 7. However, the Fed has so far maintained a neutral stance, citing a resilient labor market and ongoing inflation risks.
Gold prices have dropped more than 7% since their peak of $3,500 per ounce on April 22. Nevertheless, prices remain up roughly 24% year-to-date, supported by lingering economic uncertainty and volatility in US politics.
© 2024 Daily News Egypt. Provided by SyndiGate Media Inc. (Syndigate.info).
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