The price of gold in Egypt Today, Monday, February 3, 2025
The global price of gold
Gold prices witnessed a decline of about 1% on Monday, reaching below the level of 2780 dollars per ounce, recording the lowest level of the day near 2772 dollars. This decline was driven by the rising strength of the US dollar, which overshadowed the demand for gold as a safe haven, following the US administration's announcement of new tariffs on imports from Canada, Mexico and China, which raised fears of an escalating global trade war.
US President Donald Trump has announced the imposition of tariffs of 25% on Canadian and Mexican imports, and 10% on Chinese goods, starting tomorrow, Tuesday. White House officials confirmed that no exceptions to these fees will be granted.
Although such developments usually boost the demand for gold as a safe haven in times of economic and geopolitical turmoil, the strength of the US dollar and expectations of higher interest rates as a result of the inflationary effects of tariffs.
Profit-taking also contributed to the decline, as gold recently reached an all-time high at the end of last week's trading near the levels of 2816 dollars per ounce.
The price of gold in Egypt
On the other hand, gold prices in Egypt are still high on Monday, as the price of the 21st highest traded gold in Egypt reached the levels of 3920 pounds.
The price of 24-carat gold in Egypt also recorded rises today towards the levels of 4480 pounds, while 18-carat gold is trading at the levels of 3360 pounds per gram.
The dollar rate within the official banks also declined slightly to the levels of 50.28 pounds, and also the dollar rate in the parallel market inside Egypt at the levels of 50.54 pounds.
