After the Ounce Surpasses $4400 for the First Time.. Gold Jumps 80 Pounds Locally and 21-Carat Records 5860 Pounds

Gold prices in local jewelry markets surged by 80 Egyptian pounds during today's trading, reaching a price of 5860 pounds per gram for 21-carat gold—the most sold in Egypt—compared to 5780 pounds at the end of trading the day before yesterday. This comes as the global ounce continues to rise to new record levels, surpassing $4400 for the first time, according to the "iSogha" platform for online gold and jewelry trading.

According to the latest price update on the platform, the price of 18-carat gold increased to 5022 pounds per gram, and the price of 24-carat gold rose to 6697 pounds per gram. The price of the gold pound also increased by 640 pounds to reach 46880 pounds, excluding stamp duty and value-added tax.

In global markets, gold jumped past the $4400 per ounce level for the first time on Monday, benefiting from growing expectations of further cuts in US interest rates and strong demand for safe-haven assets. Silver also joined the rise, reaching its highest level ever, according to Reuters.

Spot gold rose 1.4% to $4397.16 per ounce after breaking the $4400 barrier to reach a record high of $4400.29 earlier.

Spot silver increased 3.3% to a record high of $69.44. US gold futures for February delivery rose 0.98% to $4430.30 per ounce.

Gold, a traditional safe-haven asset, has risen 67% this year, breaking several records and surpassing $3000 and $4000 per ounce for the first time. It is set for its biggest annual gain since 1979, while silver has surged 138% since the beginning of the year, significantly outperforming gold.

Matt Simpson, chief analyst at StoneX, said that since December typically yields positive returns for gold and silver, seasonal factors are in their favor.

Gold, traditionally seen as a safe-haven asset, has been supported by increasing geopolitical and trade tensions, strong central bank purchases, and expectations of interest rate cuts next year. The dollar's decline has also provided additional support for gold, as a weaker dollar makes the precious metal cheaper for holders of other currencies.