Gold globally and locally and the reasons for these moves
The global price of gold
Gold prices fell on Tuesday near the levels of 3352 dollars per ounce, giving up some of their gains achieved during the strong rise on Monday, where it reached a peak close to 3400 dollars, specifically at the levels of 3392 dollars per ounce, but still at high levels amid renewed trade concerns.
China accused the United States of violating a recent trade agreement after President Trump made similar accusations last week, and Trump threatened to double tariffs on steel and aluminum to 50% as of tomorrow, Wednesday, prompting Canada and the European Union to respond.
At the same time, Gold received support from the growing geopolitical tensions after Ukraine carried out a series of drone attacks against Russia, which strengthened the status of gold as a safe asset.
The price of gold in Egypt
Gold prices in Egypt fell on Tuesday, as the 21st highest traded gold in Egypt is now trading at levels of 4690 pounds.
The price of 24-carat gold in Egypt also recorded levels of 5360 pounds, while 18-carat gold is trading at levels of 4020 pounds per gram.
On the other hand, the price of the dollar issued today in Egypt did not move from the levels of 49.60 pounds, while the dollar rate within the official banks in Egypt fell slightly to the levels of 49.74 pounds, the dollar rate in the black market also fell to the levels of 50.00 pounds.
