Gold markets see volatility in Egypt and Pakistan

Gold markets in Egypt and Pakistan have experienced significant price fluctuations driven by global economic volatility and geopolitical tensions.

In Egypt, 21-carat gold saw local retail price adjustments. Reports indicated 21-carat gold trading at approximately 6,210 Egyptian pounds for purchase and 6,180 pounds for sale, though some market monitoring showed a modest upward adjustment to 6,225 pounds for sale. These domestic shifts occurred even as international spot gold faced a downward correction, hitting a three-week low.

In Pakistan, gold prices rose sharply for two consecutive days. The All Pakistan Sarafa Gems and Jewellers Association reported that 24-karat gold increased by Rs3,900 per tola, reaching Rs469,136. This upward trend aligns with international bullion prices rising to $4,466 per ounce. The surge is attributed to geopolitical uncertainty in the Middle East and shifting expectations regarding US Federal Reserve interest rate policies.