Impact of stable rates on gold prices
The Central Bank of Egypt decided to keep interest rates unchanged for the fifth consecutive time, resulting in stable gold prices locally during this period. However, gold prices continue to be heavily influenced by global factors such as rising oil prices, conflicts, and movements in U.S. interest rates, which have led to a decline in gold prices worldwide and consequently impacted the Egyptian market. Weak trading activity and increased expenses, especially with the back-to-school season for schools and universities, have also contributed to price stability, despite global price fluctuations upward and downward. The rise of the dollar against the Egyptian pound offset part of the global decline in gold prices.
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