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Global gold prices rise by $80 amid Egyptian pound decline
Gold prices worldwide increased by about $80 per ounce during yesterday's trading, driven by a weak US dollar, declining oil prices, and lower Treasury bond yields, as investors awaited U.S. employment data to gauge the direction of interest rates. Locally, the price of a 21-karat gold gram rose by approximately 50 Egyptian pounds to around 5,920 pounds, amid a decline in the dollar exchange rate against the Egyptian pound to below 50 pounds in most banks, which limited the transmission of global rises to the local market. Additionally, the premium on gold in the Egyptian market decreased to approximately 80 pounds per gram, amid a calm period in sales.
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