Gold prices in Egypt remained stable during the weekly holiday for the local and global gold markets, with the gram of 21-carat gold, the most commonly sold in Egypt, recording EGP 2,350. Meanwhile, the global gold market witnessed some fluctuations last week, with prices rising by 0.3% to reach a weekly high of $1,983 per ounce. However, on Friday, gold prices fell by 1.5% to lose nearly $30 in one go, and ended the week's trading at $1,948 per ounce.
Despite the slight rise in gold prices last week, the market has been experiencing a three-week decline, which pushed prices to their lowest level in two and a half months at $1,931 per ounce. The local gold market has been affected by the global market's conditions, with the movement of gold prices in Egypt being closely linked to the global market.
The current fluctuations in gold prices are occurring within narrow trading ranges due to the absence of significant developments in the local market. The local gold pricing is returning to some extent to conform with the global pricing, according to technical analysis by Gold Billion. While the initiatives taken by concerned authorities have helped stabilize the local gold market to some degree, concerns about the Egyptian economy continue to affect local demand for gold.
