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Gold gains 170 pounds this week
Gold prices in the Egyptian market rose by 3% during the past week, an increase of 170 Egyptian pounds per gram, with the price of the most traded 21-karat gold reaching 5,990 pounds. This rise was supported by geopolitical tensions in the Middle East and a decline in expectations for a U.S. interest rate hike. The escalation in the war between the United States and Iran, along with ongoing American military operations against Iranian targets, has increased demand for gold as a safe haven. Market analysts expect the U.S. interest rate to remain unchanged within the 3.50% to 3.75% range following the Federal Reserve's July meeting. Short-term caution persists, and the market remains wary of a potential slowdown or saturation in demand amid investment trends anticipating that interest rates will stay high until the end of 2026.
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