On Friday, April 4, 2025, gold prices in Egypt witnessed a notable decline across various carats, reflecting trends in the global market. The price of 21-carat gold dropped significantly, reaching 4,410 Egyptian pounds, marking a decrease of about 15 pounds from earlier in the day. Prices for other gold carats also fell, with 24-carat gold priced at approximately 5,040 pounds per gram, 18-carat gold at 3,780 pounds, and 14-carat gold at 2,940 pounds. The gold pound is currently valued at 35,280 pounds.
This downward trend in gold prices is not isolated to Egypt; it mirrors a broader global decline, where gold futures are trading around $3,090.64. Analysts attribute this fluctuation to various economic factors, including impending decisions from the U.S. Federal Reserve regarding interest rates. Expectations are growing that the Fed may lower rates soon, influenced by ongoing economic challenges tied to trade policies and the performance of the U.S. dollar.
As the U.S. economy grapples with potential repercussions from tariffs imposed by President Donald Trump, gold continues to be viewed as a safe haven for investors. The recent announcement of reciprocal tariffs of at least 10% on all imported goods has heightened concerns about global economic stability. This has led traders to anticipate further rate cuts, with some predicting four reductions by the end of the year, which could further bolster gold prices.
In the context of domestic trading, the price of 21-carat gold fluctuated significantly throughout the day. Initially, it was reported at 4,425 pounds but later adjusted to 4,410 pounds, reflecting a broader trend of decreasing prices. The price of 14-carat gold also saw a drop to 3,943 pounds, while 18-carat gold fell to 3,784 pounds.
Market analysts are closely monitoring the situation, as the gold market's movements are often a reflection of investor sentiment in response to economic indicators. For instance, a recent report from the U.S. Department of Labor indicated a slight decrease in new unemployment claims, which could suggest a stabilization in the job market, albeit with the unemployment rate expected to remain steady at 4.1%.
Looking ahead, the upcoming U.S. Non-Farm Payrolls (NFP) report is anticipated to show that the U.S. economy added approximately 135,000 jobs in March. This data, along with the recent decline in the ISM Services Index from 53.5 to 50.8, suggests a cooling in economic activity that could influence the Federal Reserve's decisions.
Despite the current downturn, some traders remain optimistic about gold's long-term prospects. Support levels for gold are identified between $3,056 and $3,054, with technical indicators suggesting that any further declines may find support near this range. Conversely, resistance levels are noted around $3,115 to $3,125, with a historical price peak observed around $3,157 to $3,158 earlier this week.
This fluctuation in gold prices presents both challenges and opportunities for investors. The current lower prices may encourage buying among those looking to capitalize on potential future increases, especially as the market adjusts to ongoing economic developments.
In summary, today's gold prices in Egypt reflect both local and global market trends, with significant drops across various carats. Investors and consumers alike are advised to stay informed about market fluctuations and economic indicators as they navigate buying and selling decisions in the precious metals market.
For those interested in purchasing gold, it's important to consider the cost of craftsmanship, which can vary significantly among jewelers, typically ranging from 100 to 150 pounds per gram. This factor should be accounted for when calculating the total purchase price.
As the market evolves, keeping an eye on the interplay between local economic conditions and global market influences will be crucial for making informed investment choices in gold.
