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Gold prices recover in Egypt by over 170 pounds
Gold prices in Egypt rose by more than 170 Egyptian pounds per gram this morning, recovering after previous declines, buoyed by the improvement in the metal's global performance due to the decline of the US dollar to its lowest levels in three months. Markets are also preparing to watch the Federal Reserve's decision on interest rates, expected to keep them steady at a 65% likelihood in September. In Egypt, investors are awaiting the Central Bank’s decision tomorrow; most expect interest rates to remain unchanged to maintain the attractiveness of the country’s bonds amid rising inflation. Meanwhile, US bond yields have fallen globally, supporting gold prices both internationally and locally. The 24-karat gold price has reached 7,276 Egyptian pounds, 21-karat gold is at 6,370 pounds, and the gold pound stands at 50,960 pounds, as global factors and local measures continue to influence future gold movements.
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