The price of gold in Egypt Today, Tuesday, February 11, 2025
The global price of gold
Gold prices on Tuesday rose strongly to a new historical high above 2940 dollars per ounce, but it has lost about 35 dollars of gain now.
After a brief period of trading near the record high of the session, prices retreated as gold traders dealing in banknotes sold their positions, which led to a drop of 35 dollars to 2905 dollars.
The rise was due to Trump dramatically raising tariffs on steel and aluminum imports to 25% without waivers or exemptions, a move he hopes will help struggling U.S. industries but also risks igniting a multi-front trade war.
A Reuters poll also showed that the Fed is likely to wait until the next quarter before cutting interest rates again, and tariffs may fuel inflation in the United States and postpone interest rate cuts.
The forecast is for gold to climb back up again and extend its gains to 2950/60 dollars per ounce before making a strong downward correction.
The price of gold in Egypt
On the other hand, gold prices rose in Egypt on Tuesday, as the 21st highest traded gold in Egypt set a new record to reach levels of 4075 pounds.
The price of 24-carat gold in Egypt also recorded strong rises today towards the levels of 4657 pounds, while 18-carat gold is trading at the levels of 3493 pounds per gram.
The exchange rate of the dollar is trading on Tuesday at yesterday's levels of 49.70 pounds, and the dollar rate inside official banks rose to levels of 50.45 pounds, while the dollar prices did not move on the black market inside Egypt and are trading at levels of 50.59 pounds.
