Gold prices fall internationally while local market stabilizes, division says

The Gold and Jewelry Division reported the ounce fell 3.5% internationally while local 21-karat gold held at 6,250 Egyptian pounds.

• Deputy head Loutfi Mounib said the ounce dropped from $4,285 to $4,135, a 3.5% decline.
• Mounib attributed the local market's stability to the dollar's rise in banks from 51 to 52 EGP.
• Mounib said the local market has stalled, with buyers waiting for the bottom and holders reluctant to sell.
• Mounib advised gold holders not to sell unless in urgent need of liquidity.
• On Monday, 21-karat gold fell about 10 Egyptian pounds to 6,230 EGP, and the gold pound dropped 80 pounds.
• On Tuesday, 21-karat gold opened steady at 6,100 EGP, while the global price fell 3.92% to approximately $4,116 per ounce.
• Gold hit a seven-week low of $4,146.51 per ounce, the weakest level since August 5.
• Gold broke below the $4,240 support level, with $4,000 seen as the next key support zone.
• Gold Division secretary general Nadi Naguib said 18-karat gold traded at 5,228 EGP per gram and 24-karat at 6,971 EGP during Monday evening trading.
• Spot gold held steady at $4,124.57 per ounce on Tuesday, while U.S. futures slipped 0.3% to $4,156.70.
• Traders see a 70.3% chance the U.S. Federal Reserve raises rates in October, according to CME FedWatch.
• Exness market analyst Christopher Tahir said geopolitical developments remain crucial for gold, with energy and yields elevated.