Gold Nearly Reaches 6,400 EGP After Rate Hike
The price of gold in Egypt rose at the start of Friday, supported by a rise in global gold prices and stability in the US dollar exchange rate above 52 pounds. The 21-karat gold price reached approximately 6,385 Egyptian pounds per gram, an increase of about 45 pounds from yesterday’s close, approaching the current resistance level of 6,400 pounds. Meanwhile, global gold continues to climb, reaching its highest level since the beginning of the week at around $4,391 per ounce, with indicators suggesting that the upward momentum may persist. However, weak local demand and abundant supply are limiting further increases in gold prices in the Egyptian market. The upward trend is expected to continue if the price manages to break above the 6,400-pound level and remain above it.
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