Egyptian gold prices drop by 70 pounds
Gold prices in Egypt and worldwide declined today, Wednesday, due to the dollar reaching its highest level in two months and expectations of continued US interest rate hikes. In the local market, the price of a 21-karat gold gram decreased by about 70 Egyptian pounds, reaching 6,230 pounds. Additionally, the global price of an ounce dropped by $60, totaling $4,305. The Egyptian pound also depreciated against the dollar, falling to 51.44 pounds per dollar. It is expected that tomorrow's decision by the Central Bank of Egypt's Monetary Policy Committee regarding interest rates will influence gold purchasing behavior, amid the ongoing dollar strength and forecasts of US rate hikes, which reduce gold's appeal as a safe haven and dampen local demand.
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