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Gold gains 60 pounds on September 18
Gold prices in Egypt have risen by 60 Egyptian pounds per karat in the local jewelry market, bringing the price of the 21-karat to 6,400 pounds. This increase coincides with a global jump in gold prices, where the ounce has climbed by 1.26%. The rise is attributed to the U.S. Federal Reserve's first interest rate hike in three years, increasing rates by 25 basis points, due to inflationary pressures linked to higher energy prices and geopolitical tensions—particularly the U.S.-Israel war on Iran and oil prices exceeding $100 per barrel. Expectations suggest that gold prices could reach around $6,000 an ounce in 2026, driven by continued interest rate cuts, ongoing geopolitical tensions, persistent inflation, and growing demand for the precious metal as a safe haven.
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