The head of the Gold and Precious Metals Division at The Federation of Egyptian Industries (FEI), Ehab Wassef, revealed that the price of an ounce of gold witnessed a noticeable decline during the past week, falling by 2.7 percent and equaling at US$81.
During the weekly report issued by the division to monitor the movement of gold globally and locally, Wassef explained that this decline is the largest since November 2024, and comes after eight consecutive weeks of continuous increases during which gold made record levels.
The price of gold decreased by about LE 100, he noted, a decline of 2.3 percent.
With this decline, Wassef said that it is expected that gold will aims to gather new upward momentum, possibly rising to target levels of LE 4,100 per gram.
Gold expert Amir Rizk added that there is currently a significant decline in the prices of the precious yellow metal both locally and globally.
He explained that what is happening in the market is the reaping of profits by major companies and major investors in gold.
There is a policy followed by investors to compensate for the decline in gold, Rizk said, as the investor offers 10 percent of the gold at a reduced price in the market to lead it to decline, before moving to buy large quantities during periods of decline and selling it at a high price to reap the profits.
The expert added that there are predictions that gold prices will rise more within a month globally, with increasing expectations that the Federal Reserve will follow a policy of reducing interest rates.
Edited translation from Al-Masry Al-Youm
