"Narrative Summit" Releases 2025 Recommendations to Cement Egypt's Position as a Global Tourism Destination    Egypt, S.Arabia step up trade ties through coordination council talks    Egypt reviews progress on $200m World Bank-funded waste management hub    Egypt urges Israel to accept Gaza deal amid intensifying fighting    Egypt, ADIB explore strategic partnership in digital healthcare, investment    SCZONE, Tokyo Metropolitan Government sign MoU on green hydrogen cooperation    Egypt welcomes international efforts for peace in Ukraine    Al-Sisi, Macron reaffirm strategic partnership, coordinate on Gaza crisis    Contact Reports Strong 1H-2025 on Financing, Insurance Gains    Egypt, India's BDR Group in talks to establish biologics, cancer drug facility    AUC graduates first cohort of film industry business certificate    Egyptian pound down vs. US dollar at Monday's close – CBE    Egypt's FM, Palestinian PM visit Rafah crossing to review Gaza aid    Egypt prepares unified stance ahead of COP30 in Brazil    Egypt recovers collection of ancient artefacts from Netherlands    Egypt harvests 315,000 cubic metres of rainwater in Sinai as part of flash flood protection measures    Egypt, Namibia explore closer pharmaceutical cooperation    Fitch Ratings: ASEAN Islamic finance set to surpass $1t by 2026-end    Renowned Egyptian novelist Sonallah Ibrahim dies at 88    Egyptian, Ugandan Presidents open business forum to boost trade    Al-Sisi says any party thinking Egypt will neglect water rights is 'completely mistaken'    Egypt's Sisi warns against unilateral Nile measures, reaffirms Egypt's water security stance    Egypt's Sisi, Uganda's Museveni discuss boosting ties    Egypt, Huawei explore healthcare digital transformation cooperation    Egypt's Sisi, Sudan's Idris discuss strategic ties, stability    Egypt to inaugurate Grand Egyptian Museum on 1 November    Greco-Roman rock-cut tombs unearthed in Egypt's Aswan    Egypt reveals heritage e-training portal    Sisi launches new support initiative for families of war, terrorism victims    Egypt expands e-ticketing to 110 heritage sites, adds self-service kiosks at Saqqara    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    On Sport to broadcast Pan Arab Golf Championship for Juniors and Ladies in Egypt    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Germany among EU's priciest labour markets – official data    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Gold markets shift to parallel dollar rate, creating EGP 60 gap between local, global prices: iSagha
Published in Daily News Egypt on 05 - 04 - 2025

Gold prices in Egypt's local market remained stable during Saturday's trading session, coinciding with the weekly closure of global exchanges. This steadiness followed a volatile week that saw global gold prices swing sharply as investors liquidated holdings to offset stock market losses, according to a report by iSagha, an online platform for gold and jewellery trading.
Said Emababy, CEO of iSagha, confirmed that the price of 21-karat gold stabilized at EGP 4,375 per gram, unchanged from Friday's close. Meanwhile, the global ounce price fell by 1.5% over the week, shedding $47 to close at $3,038, after briefly reaching a record high of $3,168 on 3 April. This drop ended a five-week winning streak, with prices retreating by 4.2% from their peak.
In Egypt, the price of 24k gold reached EGP 5,000 per gram, while 18k gold was priced at EGP 3,750, and 14k gold at EGP 2,917. A gold pound (8 grams of 21k gold) was priced at approximately EGP 35,000.
Despite Saturday's stability, gold prices fell by EGP 50 during Friday's session alone. The price of 21k gold had opened at EGP 4,425 before settling at EGP 4,375. Globally, the ounce price also dipped from $3,135 to $3,037, losing $98 in a single day.
Emababy noted that ongoing disruptions in global markets have led local traders to rely on a parallel dollar rate when pricing gold, causing the local market price to exceed the global equivalent by around EGP 61 per gram. He explained that while the Central Bank's official dollar rate was EGP 50.58, the rate used within the gold market had climbed to EGP 51.20, reflecting traders' efforts to shield themselves from volatility.
He added that in recent months, gold pricing had been based on a dollar rate below the official figure due to subdued demand and a strategic focus on exporting gold to generate liquidity. This shift has now reversed as demand surges and uncertainty persists.
Emababy advised against buying gold during this period of heightened fluctuation, recommending that investors wait for price stabilization. However, he described the current environment as favorable for resale, particularly given the growing gap between local and global prices.
In the first quarter of 2025, local gold prices surged by 18%, or EGP 680, while global prices rose by 19%, gaining $502. This marked gold's strongest quarterly performance in nearly four decades.
The iSagha CEO attributed the global rally in gold prices to escalating trade tensions following US President Donald Trump's announcement of sweeping tariffs. These measures have rattled markets and raised fears of a global recession. Emababy emphasized that despite recent pullbacks, gold continues to serve as a robust hedge against inflation, market downturns, and geopolitical risk.
He added that Trump's tariffs—though excluding precious metals—have upended global supply chains, causing the largest trade disruption since the COVID-19 pandemic. As stock markets falter under inflationary pressure and economic slowdown, investors have increasingly turned to gold for safety.
Gold stocks on the COMEX exchange have surged by 720 tonnes since the beginning of the year, although Emababy expects that this momentum may soon ease as demand stabilizes.
Meanwhile, a US non-farm payroll report showed the addition of 228,000 jobs in March, while the unemployment rate edged up to 4.2%. The new U.S. tariffs have further clouded the outlook for industrial activity and supply chains, adding more volatility to global commodity markets.
Markets now await several key US economic indicators next week, including the Federal Reserve's March policy meeting minutes on Wednesday, followed by the Consumer Price Index on Thursday and the Producer Price Index on Friday.


Clic here to read the story from its source.