The price of gold in Egypt Today, Friday, February 28, 2025
The global price of gold
Bullion is heading for the biggest weekly decline since November 2024
Gold prices fell on Friday towards the levels of 2853 dollars per ounce, putting it on track for its first weekly loss in 9 weeks as the US dollar strengthened and the market waits for personal consumption expenditures (PCE) data, the Federal Reserve's preferred indicator for measuring inflation, to be released today, until we get more analysis of how the central bank is moving forward with the cycle of easing interest rates.
It is expected that the Fed's preferred gauge will show a lower figure on an annual basis from 2.8% to 2.6%, which may raise expectations of an interest rate cut, especially given the emerging weakness in US economic data, but it should be borne in mind that the monthly forecast for the index indicates an increase from 0.2% to 0.3%.
The price of gold in Egypt
On the other hand, gold prices in Egypt fell on Friday, as the 21st highest traded gold in Egypt recorded levels of 4060 pounds.
The price of 24-carat gold in Egypt also recorded levels of 4640 pounds, while 18-carat gold is trading at levels of 3480 pounds per gram.
The price of the dollar issued in Egypt is still trading at the levels of 50.40 pounds, while the dollar price in official banks rose on Friday to the levels of 50.71 pounds, and the dollar price on the black market inside Egypt rose from the levels of 50.97 pounds recorded yesterday.
