Gold Falls Locally Despite Global Ounce Gains

Local gold markets saw a decline in prices during Wednesday’s trading, despite gains in global ounce prices, supported by a weaker U.S. dollar after the latest U.S. inflation data reinforced expectations that the Federal Reserve will cut interest rates at its upcoming mid-September meeting, according to the “iSagha” platform.

Local gold prices fell by about EGP 5 compared to yesterday’s close, with 21-karat gold recording EGP 4,570 per gram, while the ounce gained about $7 to reach $3,355. The price of 24-karat gold reached EGP 5,223, 18-karat stood at EGP 3,917, and 14-karat at EGP 3,047, while the gold pound was priced at EGP 36,560.

On Tuesday, gold had also dropped by about EGP 5, with 21-karat starting the session at EGP 4,580 and closing at EGP 4,575. In the global market, the ounce declined by about $3, opening at $3,351 and closing at $3,348.

Today’s gold movements were volatile, driven by U.S. inflation data and developments related to tariffs, as the metal fell to new lows before briefly rebounding near $3,355 per ounce. The local market’s decline was also linked to the drop in the U.S. dollar against the Egyptian pound, with the Central Bank’s latest rates at EGP 48.37 for buying and EGP 48.50 for selling.