Gold prices experienced a decline on Thursday, October 29, 2026, in early global market transactions. The ounce lost approximately $15, erasing yesterday's gains of $7. This fluctuation occurs as markets closely monitor geopolitical developments and economic data, alongside oil price volatility. The gold ounce on the global stock exchange was recorded at $4052, compared to the previous day's closing at $4067. It fluctuated between $4051 and $4068.
In Egypt, gold prices remained stable at their previous day's closing levels, with no new updates. The price of 21-carat gold ranged between 6390 and 6400 pounds, excluding manufacturing costs. The average difference between buying and selling prices was around 40 pounds. This stability in local gold prices contrasts with the fluctuations seen in global markets.
The prices of gold in Egypt, excluding manufacturing costs, were as follows: 24-carat gold was approximately 7303 pounds per gram, 21-carat gold was about 6390 pounds per gram, and 18-carat gold was around 5477 pounds per gram. Additionally, 14-carat gold was priced at about 4260 pounds per gram, and the gold pound was around 51,120 pounds.
The manufacturing cost of gold, which can range between 3% and 7% of the gram price, may vary based on the type of jewelry, the effort involved in its production, and the producing company or workshop. The manufacturing cost can be higher for certain types of jewelry, such as those made from 18-carat gold, and lower for items like gold bars, which are often made from 24-carat gold.
These gold prices are considered indicative and may change during the day's transactions based on global market movements, dollar prices, and supply and demand levels. The dynamic nature of gold pricing reflects the metal's sensitivity to various economic and geopolitical factors.
Globally, investors and analysts are closely watching the developments in international relations and economic indicators. These factors can influence gold prices, as the metal is often seen as a safe-haven asset during times of uncertainty. The current fluctuations in gold prices are reflective of the broader economic and geopolitical landscape.
The decline in gold prices on Thursday, October 29, was a notable shift following a day of gains. This volatility underscores the complex interplay of factors influencing gold prices, including market sentiment, economic data releases, and geopolitical events.
Key points
- Gold prices declined by around $15 per ounce in early global market transactions on Thursday, October 29.
- Local Egyptian gold prices remained stable, with 21-carat gold priced between 6390 and 6400 pounds per gram.
- Manufacturing costs for gold can range from 3% to 7% of the gram price, varying based on jewelry type and production factors.
