Gold prices fell in Egyptian markets in today’s trade, despite a slight rise in the price per ounce in global stock markets, as the precious metal’s appeal as a safe haven strengthened on the back of escalating Middle East wars.
Meanwhile, traders postponed their expectations for an interest rate cut by the US Federal Reserve as inflation fears reignited due to rising oil and gas prices, according to a report published by the iSagha platform.
According to the platform’s report, the price of 21 carat gold fell by around 25 pounds per gram to 7,225 pounds, while the price of gold in instant trading worldwide reached $5,099.48 per ounce.
The price of 1 gram of 24-carat gold was around 8,257 pounds, the price of 1 gram of 18-karat gold was around 6,193 pounds, and the price of 1 pound of gold was close to the level of 57.8 thousand pounds.
low liquidity
The report noted that reduced liquidity in the Egyptian market led to a decline in gold prices, even though global stock markets rose slightly.
Gold rose globally as the Middle East war entered its sixth day with no clear signs of resolution, stimulating demand for safe-haven assets.
Gold prices rose about 1.1%, approaching the $5,200 per ounce level, but fell slightly as the dollar recovered from its previous decline.
