Gold prices continued to rise in local jewelry markets today by 20 Egyptian pounds, bringing the price of 21-carat gold — the best-selling in Egypt — to 4820 EGP, compared to 4800 EGP at the close of yesterday’s trading, according to the “iSaghah” online gold and jewelry trading platform.

Gold prices had increased by 75 EGP during yesterday’s trading, with the 21-carat gold price reaching 4800 EGP compared to 4725 EGP at the start of yesterday’s session, making the total increase 95 EGP so far.

According to the latest price update on the platform, the 18-carat gold price rose to 4131 EGP, and the 24-carat price increased to 5508 EGP. The gold pound price also climbed by about 160 EGP to reach 38,560 EGP, compared to 38,400 EGP at the close of yesterday.

On the global markets, gold prices continued their record rise today, Wednesday, September 3, amid growing investor confidence in a Federal Reserve interest rate cut in September.

In trading, the spot price of gold rose by less than 0.1% to $3,535 per ounce, while futures contracts increased by about 0.3% to $3,600 per ounce. Current trader expectations indicate a 92% probability of a 25 basis point rate cut this month, according to the CME’s “FedWatch” tool. Gold, which yields no income, usually thrives in a low-interest rate environment.

The SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, said its holdings of the yellow metal rose by 1.32% to 990.56 tons on Tuesday, the highest level since August 2022.

Meanwhile, U.S. President Donald Trump stated on Tuesday that Washington needs a “very serious” interest rate cut, having criticized Federal Reserve Chairman Jerome Powell for months over the costly renovation of the central bank’s headquarters in Washington.

Attention is also turning to the U.S. August jobs report, scheduled for release later this week, with estimates indicating the economy added 78,000 jobs last month compared to 73,000 in July.

On trade developments, the Trump administration announced it will seek an urgent Supreme Court ruling on tariffs that a U.S. appeals court ruled illegal last week.