Gold prices in local jewelry markets jumped by about 45 Egyptian pounds per gram on Wednesday, pushing the price of 21-carat gold—the most widely used in Egypt—to 5420 EGP, compared to 5375 EGP at the close of trading the day before yesterday, according to the iSougha online gold trading platform.

According to the platform, the price of 24-carat gold increased to 6194.5 EGP per gram, and 18-carat to 4608 EGP, down from 4645 EGP.

The price of the gold pound gained 360 EGP, reaching 43,360 EGP, excluding craftsmanship fees and stamp and value-added taxes.

Globally, gold prices rose above $4,000 per ounce for the first time amid growing concerns about the US economy and the ongoing government shutdown, Reuters reported.

The spot price of the precious metal increased by 1.26% to $4034 per ounce, while futures prices rose 1.34% to $4058 per ounce.

Gold has surged more than 50% this year amid uncertainty over global trade, Federal Reserve independence, and financial stability in the United States. At the same time, geopolitical tensions have increased demand for safe-haven assets, while central banks have continued to buy gold at a high pace.

Yesterday, Goldman Sachs raised its gold price forecast to $4900 per ounce by December next year, up from its previous forecast of $4300.