gold prices continued their upward trajectory this week,reaching a new ancient high amid growing market anticipation of interest rate cuts by the U.S. Federal Reserve. the precious metal has now experienced four consecutive weeks of gains, bolstered by economic data suggesting a potential slowdown in the American economy.
The surge in gold’s value impacts investors, central banks, and consumers alike, as it serves as a traditional safe-haven asset during times of economic uncertainty. Further declines in U.S. interest rates are expected to fuel continued demand, potentially driving prices even higher.
Here’s a snapshot of today’s gold prices in Egypt:
* 24-karat: 5,600 Egyptian pounds per gram
* 21-karat: 4,900 Egyptian pounds per gram
* 18-karat: 4,200 Egyptian pounds per gram
* Gold pound: 39,200 Egyptian pounds
Globally, the price of an ounce of gold increased by 1.6% over the past week,peaking at $3,674 – a record high. Trading opened at $3,591 per ounce and closed the week at $3,643, according to analysis from Pelion’s skins.
As the beginning of 2025,gold has risen by 40%,driven by expectations of forthcoming rate reductions by the Federal Reserve. Lower interest rates diminish the possibility cost of holding gold, as returns on government bonds and the dollar weaken, making gold a more attractive investment.
Recent U.S. economic data, including a rise in unemployment applications and a revision indicating a loss of 911,000 jobs compared to the previous year, points to slowing economic momentum in the United States.
