Cairo, Egypt – June 24, 2024 – Gold prices in egypt experienced a slight increase this past week, closing at 4615 Egyptian pounds per gram for 21-karat gold, a rise of 0.44% or 20 pounds, according to the Head of the Gold Division, Nady Wasif. this follows a period of gains in the global market, driven by increased demand for safe-haven assets amid ongoing international trade tensions and expectations of potential interest rate cuts.

The upward trend in the Egyptian market coincides with a significant surge in non-cash raw gold imports. Data released by the Central Agency for Public Mobilization and Statistics (CAPMAS) reveals a 199.1% increase in the value of these imports during May, reaching approximately 71.04 million USD compared to 23.75 million USD in May 2023 – a difference of 47.29 million USD. This substantial increase suggests a growing trend of importing gold for re-export, a practise Wasif highlights as a key driver of export growth and local value addition.

Globally, spot gold prices rose by roughly 1% over the week, opening at 3364 USD per ounce, peaking at 3409 USD, and ultimately closing at 3397 USD. While the price briefly surpassed the 3400 USD mark,the momentum proved unsustainable,indicating a potential weakening of the upward trend. The global gains were further fueled by recent announcements regarding potential U.S. customs duties on gold imports, adding to the appeal of gold as a secure investment.

The Egyptian gold market is closely tied to international fluctuations,with domestic prices reacting to global economic indicators and geopolitical events. CAPMAS data indicates a consistent monitoring of gold import/export activity, providing valuable insights into Egypt’s role in the global gold trade. The re-export of gold contributes to Egypt’s foreign exchange earnings and supports local businesses involved in refining and trading the precious metal. Further analysis of CAPMAS data reveals that Egypt’s gold imports have been steadily increasing over the past year,reflecting a growing demand for gold within the country and for re-export purposes.

Nady Wasif, speaking on behalf of the Gold Division, emphasized the importance of monitoring global market developments and their impact on the Egyptian gold sector. He noted that continued trade tensions and potential shifts in interest rate policies will likely continue to influence gold prices in the coming weeks.

Gold Prices Hold Steady Amidst Global Market Shifts

Local Markets Show Remarkable Stability as International Factors Influence Trends

Gold prices in local markets have demonstrated striking stability as of Thursday, July 24, 2025. This calm is occurring despite significant global movements in the precious metal’s value.

Current Gold Valuations

The price per gram for 24-carat gold is currently 5360 pounds. Meanwhile, 21-carat gold is trading at 4690 pounds per gram, and 18-carat gold is valued at 4020 pounds per gram. Consumers can expect to pay 3127 pounds for a gram of 14-carat gold. The gold pound in Egypt is priced at 37520 pounds.

Global Gold Market Sees Uptick

Internationally, gold has experienced an upward trend, climbing 2.2% since the week’s commencement. The precious metal has surpassed the $3400 per ounce mark and is currently encountering resistance within the $3420 to $3450 range.

Trade Talks and Market Sentiment

In parallel, upcoming trade discussions between US and Chinese officials are set to take place in Stockholm. These negotiations, aimed at extending the deadline for a trade agreement until August 12, could influence market sentiment. US Treasury Secretary **Scott Bessent** highlighted the importance of these talks.

An increase in commercial deals prior to August might boost risk appetite, potentially decreasing demand for gold. Conversely, continued pressure on the US dollar could push gold prices towards $3500 per ounce in the short term.

US Dollar Weakens, Boosting Gold

The US dollar has softened, trading near a two-week low against a basket of major currencies. This weakening dollar makes dollar-denominated assets like gold more affordable for holders of other currencies. Concurrently, US 10-year Treasury yields dipped to their lowest point since July 9.

President **Trump** has continued his criticism of Federal Reserve Chair **Jerome Powell**, labeling him “foolish” for maintaining high-interest rates and predicting his departure from office within eight months.

Speculative Demand for Gold Increases

Recent data from the Futures Trading Committee reveals a surge in speculative interest in gold. For the week ending July 15, purchase contracts for gold futures increased by 8,542 contracts, while sales contracts saw a decrease of 1,605 contracts.

This shift suggests a renewed demand for gold speculation, driven by evolving geopolitical pressures and a focus on trade agreement outcomes. According to the World Gold Council, global central bank gold purchases reached a record 400 tonnes in the first half of 2024, indicating sustained institutional interest.

Breaking News: Gold prices are experiencing an upward trend on the global exchange today, Wednesday, which is expected to influence prices in the Egyptian market in the coming hours. The cheapest gold alloy is currently priced at 1475 Egyptian pounds per weight.

Evergreen Context:

The Egyptian gold market is closely watching global price fluctuations. Today’s upward movement on the world exchange suggests a potential rise in domestic prices. This trend is particularly relevant for consumers and investors in Egypt, where gold is a notable commodity.

Current Gold Prices in Egypt:

24-carat gold: 5314 Egyptian pounds
21-carat gold: 4650 Egyptian pounds
18-carat gold: 3986 Egyptian pounds
Gold pound: 37200 Egyptian pounds

Egyptian Gold Exports Show Strength:

In parallel with domestic price movements, the Gold Division of the Egyptian Federation of Industries has highlighted the success of a local company in exporting a significant shipment of 12 kilograms of gold artifacts to the United States. This marks the fourth such export to the US market recently, underscoring the capability of Egyptian manufacturers to meet stringent international quality and regulatory standards.

Mamdouh Abdullah, a board member of the Gold Division, emphasized the strategic importance of the American market for Egyptian gold jewelry exports, citing its competitive nature and high demand for premium products.He noted that the company’s consistent success in this market is attributed to its strict adherence to quality,packaging,and technical documentation standards,which has led to repeat contracts.

Abdullah further stated that these export activities not only bolster the presence of Egyptian gold internationally but also stimulate local employment by creating more job opportunities within factories. Additionally, these exports contribute vital dollar resources, especially given a recent relative dip in local demand.

Looking ahead, Egyptian companies are preparing to expand thier export operations in the latter half of the year, with plans to enter new markets in Europe and the Gulf states. This expansion is supported by the stability of production and the high quality of Egyptian-made gold artifacts.

Gold Prices Surge to Two-Week High Amidst Trade Tensions and Fed Uncertainty

Global gold prices experienced a notable 1% increase, reaching their highest point in two weeks and closing the trading week above the $3350 per ounce resistance level. Technical indicators, including the momentum index, suggest a continued upward trend for gold prices in the near future.

This rally in gold comes as global stocks retreated following an escalation in trade disputes. U.S. President Donald Trump intensified his criticism of Canada, announcing plans to impose a 35% tariff on Canadian imports and indicating similar tariffs of 15% to 20% on goods from other trading partners.

Simultaneously occurring, the federal Reserve’s stance on interest rates remains a key factor influencing market sentiment. The consumer price index has contributed to a stable outlook for the Federal Reserve’s monetary policy, with no important indication of further interest rate reductions. This cautious approach is partly attributed to the ongoing uncertainty surrounding Trump’s tariff policies.

President Trump has previously voiced his opinion on interest rates,suggesting they shoudl be at or below 1%. While markets are anticipating a potential 50 basis point rate cut by the end of the year, with the first reduction expected in September, the Federal Reserve’s actions are being closely watched amidst these economic crosscurrents.

In terms of investment flows, the World Gold Council reported that for the week ending July 4th, traded investment funds backed by physical gold saw net inflows of 3.9 tons. This figure represents a decrease compared to the previous three weeks. The decline in inflows is primarily linked to a significant outflow of 7.6 tons from North American investment funds. Conversely, European and Asian funds experienced increased inflows, totaling 6.5 tons and 5.1 tons, respectively.