Gold prices steadied near $4,590 per ounce on 29 April, after a 2.4% decline over two sessions, as investors weigh escalating energy-driven inflation risks against expectations of prolonged high interest rates, according to Bloomberg.
The metal has now lost roughly 13% since late February, reflecting a shift in market dynamics despite persistent geopolitical uncertainty. Investor focus remains on developments surrounding the Strait of Hormuz, where disruption risks to global energy flows continue to sustain inflation concerns. Reports cited by CNN indicate renewed diplomatic efforts between Washington and Tehran may emerge within days.
At the same time, expectations that the Federal Reserve and other major central banks will maintain elevated interest rates continue to weigh on gold. Rising bond yields have increased the opportunity cost of holding non-yielding bullion, limiting upside despite its traditional role as an inflation hedge.
As The Middle East Observer notes, gold is trading within a narrow tension band—supported by geopolitical risk but constrained by restrictive monetary conditions.
In Egypt, local gold prices moved broadly in line with global trends, holding relatively stable amid cautious demand. Market activity remains sensitive to exchange rate movements and elevated price levels, which continue to temper retail buying.
