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Gold challenges $4,600 level
The Egyptian gold market has experienced a notable increase, primarily linked to the global rise in gold prices. The gap between the local price and the fair value based on the ounce price narrowed from 25.85 to 2.74 pounds, reflecting an improvement in pricing mechanisms and their responsiveness to global market fluctuations. The decline in US Treasury bond yields by more than 5 basis points has boosted gold’s appeal, despite the metal's lack of liquidity. Meanwhile, Russia’s gold holdings have fallen to their lowest level in six years, decreasing by 1.6 million ounces since the beginning of the year, bringing total reserves to 73.2 million ounces. The $4,600 per ounce level remains a significant milestone; however, surpassing it requires strong weekly closes and increased trading volumes to confirm a breakout. The dollar remains stable at 50.92 pounds, with the price gap narrowing to 2.74 pounds.
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