Gold markets in Egypt witnessed a notable decline over the past two days, losing nearly EGP 185 as global gold prices retreated sharply from $4,200 to $4,095 per ounce. The drop immediately affected the widely traded 21-karat gold in the local market.
Today’s gold prices in Egypt were as follows
24-karat recorded EGP 6,246
21-karat recorded EGP 5,465
18-karat recorded EGP 4,684
The gold pound recorded EGP 43,720
The local decline aligned with a global drop exceeding three percent, triggered by broad selling pressure in international markets following hawkish statements from U.S. Federal Reserve officials, which weakened expectations of an interest-rate cut in December.
Spot gold fell by roughly 1.82 percent to $4,095 per ounce after previously touching $4,211 earlier in the session.
Despite the current pullback, the metal remains up by about 3.7 percent for the week. Meanwhile, U.S. gold futures for December delivery declined by 2.24 percent, reaching around $4,100 per ounce.
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