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US dollar and gold influence Egypt gold prices
Gold prices in Egypt moved during the week due to the influence of two main factors: an initial increase in the global gold ounce price followed by a decline, along with the stability of the US dollar exchange rate against the Egyptian pound. The rise of both contributed initially to supporting local prices. The global price of an ounce reached approximately $4,383.81 after hitting a two-month high, but it began to decline for the second consecutive day amid investor profit-taking, leading to a decrease in both global and local gold prices. The dollar exchange rate remained steady at 50.30 pounds, helping to stabilize local prices, despite the gap between the fair value and market price staying around 80 pounds. Meanwhile, the precious metal maintained gains of over 140 pounds per gram since the beginning of the week. Overall, the movement of the global ounce and the dollar exchange rate determined the trajectory of gold prices in Egypt, with expectations that their future movements will continue to influence prices.
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