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Gold rises locally despite global dip
Gold prices in the Egyptian market increased by 25 pounds per gram, despite a decline in the worldwide gold price per ounce. This rise was supported by the increase in the US dollar against the Egyptian pound, with the price of a gram of 21-karat gold reaching approximately 6,250 pounds. This comes amid expectations of a rise in local gold prices due to the dollar's strengthening and market anticipation of the US Federal Reserve's decision on interest rate hikes, which could significantly impact price movements in the coming period. Globally, gold prices declined by 0.2% to 0.5% as investors awaited the US interest rate decision. Rising yields are affecting gold's attractiveness as a low-yield investment, amid expectations of a 25 basis point rate hike.
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