Gold prices rose by EGP 60, or 1.31 tp3T, during last week's trading, as the price of an ounce rose by 0.61 tp3T on the global stock exchange. This was supported by improved global demand and declining expectations of an imminent US interest rate cut.
Saeed Imbaby, CEO of iSaaga, an online gold and jewelry trading platform, said that the price of a gram of 21-karat gold opened last week at EGP 4,600, peaked at EGP 4,750, and closed at EGP 4,660. Globally, the ounce rose $20, moving between $3,290 and $3,403, closing at $3,310.
He explained that the price of 24-karat gold reached 5,326 Egyptian pounds per gram, 18-karat gold reached 3,994 Egyptian pounds per gram, while 14-karat gold reached 3,107 Egyptian pounds per gram, and the price of the gold pound reached 37,280 Egyptian pounds per gram.
Markets are awaiting the release of US inflation data this week, which will guide the Federal Reserve's policy during its upcoming meeting on June 17 and 18, when it is expected to announce its decision on interest rates.
Mbappe noted that continued geopolitical tensions, coupled with a weak dollar, will support gold prices in the medium term, while any sudden de-escalation or trade agreements could curb the precious metal's gains. However, gold continues to enjoy strong investment demand from central banks and investors seeking a hedge.
