Egyptian gold prices increase by 25 pounds
Gold prices in Egypt increased by 25 Egyptian pounds over the course of a week, despite a decline in the global ounce price. This was mainly due to the rise of the US dollar against the local currency, which offset the global price drop. At the start of the week, the price of a gram of 21-karat gold was 6,300 pounds. It then decreased before rising again and closed the week at 6,325 pounds. Globally, the ounce price declined by 0.6%, fluctuating between its lowest and highest points during the week. The 1.3% increase in the dollar's value helped the Egyptian market maintain the value of gold despite the global decrease, with limited impact from weak demand and increased supply of resold gold. These changes are attributed to fluctuations in US interest rate expectations, which influenced gold prices both worldwide and locally. Additionally, the price of the gold pound increased by 200 pounds, closing at 50,600 pounds.
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