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Gold prices in Egypt rose today, closing at 6,000 Egyptian pounds per gram for 21-karat gold, as the market continues to attempt to break through this important price barrier, supported by gains recorded by the global gold ounce. Although global gold gains since the beginning of July amount to approximately 2.1%, the price of gold in the Egyptian market has increased by 6.4%. Key domestic factors include fluctuations in the US dollar exchange rate, increased demand during the summer season, and the return of Egyptians abroad. Technical analyses predict that gold will continue to rise if trading remains above $4,100 per ounce, while prices will remain volatile if it fails to sustain above 6,000 pounds per gram.
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