Gold Prices Steady in Egypt, Trading at £5968 per gram
Cairo, Egypt – August 29, 2025 – The price of 24-carat gold in Egypt remained stable today, Saturday, at £5968 per gram, according to market analysis. Globally, gold prices continued their upward trend, marking the seventh consecutive week of gains, fueled by expectations of further US interest rate cuts adn concerns surrounding the potential economic fallout from a prolonged US government shutdown.
World gold prices saw a slight increase today, rising 0.2% to reach a high of $3865 per ounce, opening at $3857 and currently trading at $3864, as per Gold Pelion’s analysis. As the beginning of the week, gold has increased by 2.8%, poised to record its seventh straight week of gains after hitting a new ancient high of $3897 per ounce yesterday.
Recent trading sessions have seen more subdued movements in gold,coinciding with increased demand for riskier assets like equities,which have benefited from optimism surrounding artificial intelligence and anticipated reductions in US interest rates. This has led to a decrease in demand for safe-haven assets like gold.
Despite concerns about the US government shutdown, markets have largely dismissed its potential impact, citing limited effects from previous closures. However, gold has benefited from the uncertainty, maintaining gains near yesterday’s record high. The shutdown is expected to delay the release of key economic data, including the non-agricultural jobs report scheduled for Friday. Preliminary data suggests a potential weakening of the US labor market in September, with a possible slowdown and stable unemployment rates.
Analysts anticipate that continued easing of monetary policy by the Federal Reserve will further support gold prices in the coming months, possibly driving them to the psychological threshold of $4000 per ounce by year-end.Investors currently assign a 97% probability to a 25-basis-point interest rate reduction in October and an 88% probability for a similar cut in December.
Lori Logan, President of the Federal Reserve Bank of Dallas, stated the Federal Reserve has already taken preventative measures against labor market deterioration by lowering interest rates last month, but cautioned the need for continued vigilance.
