Gold 21K in Egypt steady at 5870
The price of 21-karat gold in Egypt remains steady at 5,870 Egyptian pounds per gram, with expectations of nearing the 5,900-pound mark in the coming period. Currently, the price is below the main resistance level at 5,900 pounds, with a price base emerging that could give it the momentum to break through. However, the market remains in a state of anticipation and fluctuation due to the balance between supply and demand forces. The value of the dollar has fallen against the pound to around 50.30 pounds, contributing to price stability. Meanwhile, investors are awaiting U.S. economic data that will influence the global gold price, which is presently moving within a sideways range. Local demand for gold is experiencing a revival, supported by lower prices and increased interest during the holiday season. Overall, forecasts indicate continued volatility in the short term.
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