Gold prices are expected to stabilisein the local market thanks to steady a foreign exchange rate as well as unstirred global demand.
Egypt’s most popular 21-karat sold for LE3,790 per gramme on Friday, while the 24-karatgold sold for LE4,331per gramme, traders said.
The gold sovereign price stood at LE30,320.
Gold has a key role as a strategic long-term investment and as a mainstay allocation in a well-diversified portfolio. Investors have been able to recognise much of gold’s value over time by maintaining a long-term allocation and taking advantage of its safe-haven status during periods of economic uncertainty.
Looking back over more than half a century since the US gold standard collapsed in 1971, the price of gold in US dollars has increased by 8 per cent on an annualised basis – a performance comparable with that of equities and higher than that of bonds over the same period, according to data from the World Gold Council.
Globally,gold prices touched near three-month highs on Friday and were set to post a fourth straight weekly gain, buoyed by uncertainty about U.S. President Donald Trump’s tariff plans and his calls to lower interest rates weighing on the dollar.
Spot gold jumped 0.7 per cent to $2,773.57 per ounce, and has gained more than 2 per cent so far this week. Earlier in the day, prices rose to $2,777.10, their highest since Oct. 31, when they hit a record high of $2,790.15.
U.S. gold futures climbed 0.6 per cent to $2,781.
Trump called for an immediate drop in rates and provided no clarity on tariffs. The lack of clarity about his future policies has led market participants flocking to safe-haven assets such as gold to hedge against volatility.
“The trend for gold remains bullish and that means we are on track still to hit that milestone $3,000 level this year,” said Kyle Rodda, financial market analyst, Capital.com.
Spot silver was up 1.1% at $30.78 per ounce, palladium gained 0.9% to $1,000.85 and platinum rose 1% to 952.10.
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