Gold prices witnessed fluctuations in the local market during trading today, Thursday, with the ounce fluctuating on the global stock exchange due to profit-taking after the gold hit a record high and the release of unemployment data.
Saeed Imbaby, CEO of iSaaga, an online gold and jewelry trading platform, said that the price of a gram of 21-karat gold fell to 4,380 Egyptian pounds, then rose to $4,440, an increase of about 5 Egyptian pounds compared to the close of trading yesterday. Meanwhile, an ounce rose to $3,157, its highest level in history, then fell to $3,080, then rose to $3,127, a decrease of about 7 dollars compared to the close of trading yesterday.
He added that the price of a gram of 24-karat gold reached 5,074 Egyptian pounds, the price of an 18-karat gram reached 3,806 Egyptian pounds, the price of a 14-karat gram reached 2,960 Egyptian pounds, and the price of a gold pound reached 35,520 Egyptian pounds.
Mbappe explained that gold prices are under pressure from profit-taking, after hitting an all-time high of $3,157 per ounce at the start of trading following US President Donald Trump's announcement of his plan to impose reciprocal tariffs on the world.
He added that the gold market has witnessed selling pressure due to the precious metal's exclusion from the president's tariffs, which represents a profit-taking opportunity, as millions of ounces have flowed into New York vaults since mid-November.
He noted that markets witnessed an increase in demand for gold with the decline in stocks and bond yields, and the decline in the value of the US dollar against all major currencies, as the "reciprocal" tariffs imposed by US President Donald Trump raised fears of a global economic slowdown, and increased demand for safe-haven assets.
