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بوابة أخبار اليوم
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Gold rises 5% in a week amid market trends
Global gold prices experienced a strong rise throughout the week, reaching nearly $4,624 per ounce by the end of the week. This represents gains of over 5% compared to the beginning of the week when prices were around $4,400. The increase is due to multiple intertwined factors, including escalating geopolitical risks, a weakened US dollar, disruptions in energy and international shipping markets, and growing demand for gold as a safe haven to hedge against economic and political risks. Tensions between the United States and Iran have intensified, especially with shipping disruptions in the Strait of Hormuz, adding to market uncertainty and pushing oil prices close to $95 per barrel. Concerns about inflation resulting from rising oil prices supported gold prices despite the counteracting pressure from a strong dollar. Additionally, disturbances in maritime navigation amid security threats, along with increased escalation between Russia and Ukraine, heightened demand for gold as a safe haven. These global price increases have also impacted the Egyptian market, where the price of a 21-karat gold gram increased by approximately 300 to 350 Egyptian pounds, reaching around 6,570 pounds. This marks an approximately 5% rise. It is expected that geopolitical tensions and a weak US dollar will remain key factors supporting higher gold prices in the coming period, alongside ongoing impacts from energy markets and US monetary policy on both international and local markets.
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