Gold prices in local jewelry markets surged by 51 Egyptian pounds today, with the price of 21-carat gold—the most sold in Egypt—reaching 5126 EGP, up from 5075 EGP at the close of trading yesterday, as the global ounce rose to new record levels, according to the “iSaghah” online gold and jewelry trading platform.

According to the latest price update on the platform, the 18-carat gold price increased to 4393 EGP, the 24-carat price rose to 5858 EGP, and the gold pound price climbed by 408 EGP to reach 41008 EGP, compared to 40600 EGP at yesterday’s close.

In global markets, gold hit a new record level today, Monday, at $3800 per ounce, supported by a strong rise in precious metals amid market anticipation over the possibility of a U.S. government shutdown and its impact on critical job data due this week, which could complicate the outlook for Federal Reserve monetary policy.

The gold ounce price rose 1.4% to an unprecedented level of $3812.05, surpassing last Tuesday’s peak and continuing gains for the sixth consecutive week. Silver rose 2.4%, and both platinum and palladium made strong gains, supported by tightening supply and strong inflows into exchange-traded funds backed by these metals.

Investors are closely watching the anticipated meeting today between President Donald Trump and congressional leaders, just 24 hours before federal government funding expires unless a temporary spending bill is agreed upon. If a shutdown occurs, vital data such as the jobs report expected Friday could be at risk, with forecasts showing a slowdown in job growth for September.

Any weakness in employment data would boost market expectations for an interest rate cut at the Federal Reserve’s October meeting, a scenario favorable to gold as it yields no income. However, the interest rate path remains uncertain, with Fed officials’ statements varying on the next move amid some economic data exceeding expectations.

Meanwhile, concerns continue over the Federal Reserve’s independence, especially after member Lisa Cook’s lawyer requested the Supreme Court to keep her in office amid her legal battle against Trump’s attempt to remove her.

Barclays experts, including Themistoklis Fiotakis and Lefteris Vamvakis, said in a Sunday note that gold does not appear overvalued compared to the dollar and bond yields but “should include a risk premium related to the potential decline in Fed independence,” adding that this “makes it a surprisingly valuable hedge.”

Gold prices have jumped more than 40% since the start of the year, reaching new record levels supported by strong demand from central banks and expectations of a return to U.S. rate cuts. The yellow metal is set to record quarterly gains for the third consecutive quarter, amid rising holdings in gold-backed ETFs to their highest since 2022. Both Goldman Sachs and Deutsche Bank expect this upward trend to continue.

Meanwhile, other precious metals have experienced unprecedented tightening this year, raising concerns about declining available inventory for trading in London, with increasing supply deficits in recent years. Lending rates for silver, platinum, and palladium have risen well above normal levels.

Citigroup analysts led by Max Layton warned that market tightening has worsened due to fears that platinum group metals might be included in Trump’s Section 232 investigations related to critical metals, potentially increasing the chances of tariffs on palladium imports. Review results are expected later in October.

Silver jumped to its highest level since 2011 after breaking the $45 barrier last week for the first time in 14 years, trading today up 1.5% at $45.7595 per ounce. Platinum rose 2.6% to $1600 for the first time since 2013, while palladium increased 22.4% to its highest level since July.