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Gold falls 0.5% in Egypt amid global decline
Gold prices in Egypt declined by 0.5% over the past week, amid a 2.5% drop in the global ounce price, due to pressure from the rising US dollar and Treasury bond yields. Despite the global decline, the local market remained relatively stable, supported by strong demand for jewelry and bars, along with the appreciation of the dollar exchange rate; the premium increased from 101 to 110 Egyptian pounds per gram, reflecting increased domestic demand. Additionally, the price of 21-karat gold per gram decreased by about 30 pounds, reaching 5,820 Egyptian pounds. Experts anticipate further market fluctuations as US data, inflation, and interest rates continue to be closely monitored.
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