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Gram Falls 45 Pounds as Gold Prices End Week
The gold market in Egypt experienced a decline of approximately 45 Egyptian pounds per gram over the past week, with a noticeable drop in prices due to tensions in global markets and anticipation of the U.S. Federal Reserve's decisions regarding interest rate hikes. The price of a gram of 24-karat gold reached around 6,651 pounds, while 21-karat gold was about 5,820 pounds, and 18-karat gold was approximately 4,988 pounds. The price of a gold pound stood at 46,560 pounds. Locally, gold prices depend on the global per-ounce rate and the movement of the dollar against the Egyptian pound, with increasing demand for gold as a safe haven amid economic volatility, especially given ongoing expectations of rising inflation and central banks' expansionary policies.
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