Prices have stabilized after a sharp downturn witnessed in global markets, with a total decline of approximately 295 Egyptian pounds per gram in previous sessions.
Today’s gold prices in Egypt are as follows:
– 24 karat: 7348 pounds
– 21 karat: 6430 pounds
– 18 karat: 5511 pounds
– Gold pound coin: 51440 pounds
Stabilization came after prices declined for the third consecutive session, touching a level of $4400 per ounce, which is below the 50-day moving average of around $4550, before witnessing a limited rebound and currently trading near the $4650 per ounce level.
The strong decline in prices is attributed to U.S. President Donald Trump’s nomination of Kevin Warsh to head the Federal Reserve, succeeding Jerome Powell, which ended market uncertainty and weakened the U.S. dollar, as profit-taking continued near record levels.
Despite concerns about Warsh’s long-term hawkish tendencies, his policy aligns with Trump’s calls for sharp interest rate cuts and rejection of the asset purchase programs implemented by the Federal Reserve, which affected global selling pressures and was reflected in the Egyptian market.
