Gold prices in the Egyptian market fell sharply on Saturday as global rates retreated from record highs following the nomination of Kevin Warsh as the next US Federal Reserve Chair. Earlier in the week, global gold had hit an all-time high of $5,602 per ounce. Despite the late-month sell-off, global gold recorded monthly gains of 13.4% for January. Embaby noted that local gold had previously been priced between EGP 300 and EGP 500 above global rates. He stated that local prices must now match global levels, noting the current gap stands at approximately EGP 230.
