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Gold prices in Egypt near 3-month high
Gold prices in Egypt are approaching their highest levels in three months, supported by the rise in global gold prices and the stability of the US dollar exchange rate at its highest levels since early August. The price of 21-karat gold, the most traded in Egypt, started the day at 6,480 EGP per gram and then increased to 6,500 EGP, reflecting a roughly 4% increase since the beginning of the week, amounting to about 250 EGP. Prices of other gold grades have also risen, with the local ounce reaching 232,983 EGP compared to $4,590.40 internationally. The upward support continues, driven by increases in global gold prices and dollar movements, despite weak demand in the local market. The 6,500 EGP level represents a key resistance point that could lead to a temporary pullback if prices fail to break through and stabilize above it. Markets expect the short-term upward trend to persist, with watchfulness over the impact of US policies, particularly during the upcoming Jackson Hole symposium, which could influence gold movements and prices in Egypt.
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