Sunday 02/Mar/2025 – 11:14 AM
Ihab Wasef, head of the Division of the Gold and Prepared Minerals in the Federation of Industries, revealed that the price of an ounce of gold witnessed a remarkable decline during the past week, as it decreased by $ 81, a decrease of 2.7%.
Wasef pointed out, during the weekly report issued by the Minerals Division to monitor the movement of gold globally and locally, that this decline has been the largest since November 2024, as it comes after eight consecutive weeks of continuous altitudes during which gold recorded record levels.
The head of the Gold Division explained that the main reason behind this decline is the rise in the US dollar, which ended three consecutive weeks of declines, noting that the strength of the dollar has negatively affected the price of gold, as the relationship between them is counterproductive, the higher the dollar, the lower the price of gold, and vice versa.
He also pointed out that gold achieved the highest historic summit last week at the level of $ 2956 per ounce, which is an indication of the start of a decline in profit reaping by investors who have benefited from successive heights during the past weeks.
The stability of the exchange rate of the dollar against the Egyptian pound
On the performance of gold in Egypt, Ihab Wasef explained that the price of gold decreased by about 100 pounds, recording a decline of 2.3%, pointing out that the price of gold in Egypt has become more related to the international stock exchange fluctuations, especially in light of the stability of the dollar exchange rate against the Egyptian pound, which makes the local market more sensitive to global changes.
He added, that gold in Egypt recorded this decrease after a month and a half of the continuous gains, as it had witnessed a gradual increase during the last period, and with this decline, describing it is expected that gold in Egypt aims to collect a new bi -up momentum during the coming period, as it may rise again to target levels of 4100 pounds per gram.
Wasif expected that global markets will witness more fluctuations during the coming period, especially with the continued impact of global economic factors, such as the movements of the US dollar, interest rates and geopolitical tensions.
