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Egypt Gold Prices Rise After 100 Pound Increase
The rise in gold prices in Egypt on Thursday is mainly attributed to the strength recorded by the global ounce price, which approached the $4,400 level after an increase of about $65. This led to a jump of approximately 100 Egyptian pounds in the local gold price per gram. The 21-karat, the most traded karat in the Egyptian market, was priced around 6,300 pounds per gram, while the 24-karat reached about 7,200 pounds, and the 18-karat was approximately 5,400 pounds. The price of the gold pound is valued at 50,400 pounds. The local gold price is heavily influenced by the global ounce prices, along with the US dollar exchange rate and demand for the precious metal. The increase comes amid global anticipation of economic developments and monetary policy decisions, reflecting investors' tendency to turn to gold as a safe haven.
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