Gold hits record high as ounce surpasses $3,000, gaining 2.6% in one week
Saeed Embaby, CEO of the online gold and jewelry trading platform iSagha, stated that local gold prices dropped by EGP 5 on Saturday compared to Friday's close, with 21k gold settling at EGP 4,200 per gram. Meanwhile, the ounce gained approximately $75 over the week, closing at $2,985.
Embaby added that 24k gold recorded EGP 4,800 per gram, 18k gold stood at EGP 3,600 per gram, and 14k gold reached EGP 2,800 per gram, while the gold pound was priced at EGP 33,600.
According to iSagha's daily report, local gold prices fell by EGP 5 on Friday, with 21k gold opening at EGP 4,210, peaking at EGP 4,225, and closing at EGP 4,205. On the global exchange, gold prices declined by $4, with trading opening at $2,989 per ounce, reaching a high of $3,004, and settling at $2,985.
Embaby explained that gold prices surged after the ounce breached the $3,000 threshold, driven by concerns over global economic growth and heightened trade war risks linked to former U.S. President Donald Trump's policies. Uncertainty surrounding U.S. trade policies has raised fears of a global trade conflict, potentially leading to higher inflation and an economic slowdown in both the U.S. and international markets. This has resulted in a weaker dollar and declining US stocks, further boosting gold's appeal.
He also noted that recession fears in the U.S. have contributed to a sharp decline in the dollar's value, especially as expectations grow for Federal Reserve interest rate cuts. This has strengthened gold's position as a preferred investment, with both individuals and institutions increasingly turning to it as a hedge against economic instability.
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