Gold prices in Egypt witnessed an unexpected rise during the middle of today’s trading. This rise is partly due to the increase in the price of an ounce of gold globally, which exceeded $4,000 again. This rise is considered an important development in the gold market, as gold traders and investors are witnessing continuous fluctuations that directly affect local prices. This situation creates a state of anticipation and anxiety among investors and consumers alike.
According to the latest data, the price of gold today includes 24 karat at 6,114 pounds, 21 karat at 5,350 pounds, while the price of 18 karat is 4,586 pounds, and the price of a gold pound reached 42,800 pounds. These prices are important details that investors and market followers must be aware of, as these price changes affect the jewelry industry and investors who are looking to secure their investments at a time when economic risks abound.
The US Federal Reserve recently lowered interest rates by 25 basis points. However, the statements of its Chairman, Jerome Powell, came with the aim of directing another reduction in interest rates in the future, which made investors more cautious. Traders currently expect the possibility of reducing interest rates in December by 71%, which is a lower percentage compared to their previous expectations, which exceeded 90%. This decline in confidence is reflected in investors’ interest in gold.
With geopolitical tensions receding as a result of positive meetings between international officials, many expect this to lead to greater stability in the markets, as hopes rose after the meeting of US President Donald Trump and his Chinese counterpart Xi Jinping, which may contribute to reducing trade barriers, but the impact of these political views on the price of gold remains ongoing, reflecting the prevailing state of uncertainty in the market.
