The price of gold in Egypt Today, Tuesday, February 4, 2025
The global price of gold
Gold settled higher at 2810 dollars per ounce on Tuesday, trading near yesterday's all-time high after Trump backed away from the tariff plan for both Canada and Mexico after the leaders of the two countries took steps to calm his concerns about border security and drug trafficking.
China also announced retaliatory tariffs on US goods after the 10% tax imposed by President Donald Trump on Chinese imports came into force.
The inflationary impact of tariffs may enhance the attractiveness of gold as a hedge against price pressures and geopolitical uncertainty.
However, this may also lead to higher interest rates, thereby putting pressure on the precious metal.
Investors are also looking forward to this week's labor data, especially Friday's non-farm payrolls report, which may provide more insights into the strength of the US economy.
The price of gold in Egypt
On the other hand, gold prices in Egypt rose on Tuesday, as the price of the 21st highest traded gold in Egypt reached the levels of 3940 pounds.
The price of 24-carat gold in Egypt also recorded rises today towards the levels of 4503 pounds, while 18-carat gold is trading at the levels of 3377 pounds per gram.
The price of the goldsmith's dollar also rose to reach levels of 49.70, and the dollar price inside official banks also rose to levels of 50.42 pounds, and also the dollar price in the parallel market inside Egypt at levels of 50.66 pounds.
