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Gold Rebounds After U.S. Rate Hike
Gold prices in Egypt have confirmed their return to an upward trend after declining last Thursday following the American interest rate hike for the first time since 2023. The price of the 21-karat gold, the most sold, increased by 115 Egyptian pounds to reach 6,390 pounds. This came after the Federal Reserve signaled another rate hike, which led to a rise in gold prices both globally and locally. Experts anticipate that prices will continue to increase in the medium and long term, especially with ongoing purchases by central banks and geopolitical tensions. Analysts believe that official demand from central banks is a key factor supporting this precious metal, and the rising value of the dollar against the Egyptian pound further heightens expectations for higher gold prices in Egypt, with no set ceiling even as the global gold ounce remains stable.
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