20 Hrs
Source:
المصدر
_1777352244987_250242181.png&w=64&q=75){kind=small}
Egypt gold prices fall 10 pounds
Gold prices in Egypt declined by about 10 Egyptian pounds during Saturday's midday trading, as the global gold exchange halted due to the weekly holiday. This came alongside rising U.S. Treasury yields and a strengthening dollar, putting downward pressure on the precious metal's prices. The price of a 21-carat gram reached approximately 6,230 pounds, down from yesterday's close. Meanwhile, gold's price globally dropped by 2.1% over the week, starting at $4,378 and ending at $4,285. This decline occurs amid expectations of another interest rate hike in the United States and continued monetary tightening, which weighs on gold demand as a non-yielding asset. However, investment demand for gold ETFs remains present. Fundamental factors such as rising bond yields and weaker oil prices are among the key drivers pushing prices down. Market participants are also awaiting the upcoming Federal Reserve meeting to determine the trajectory of interest rates and its potential impact on the gold market.
Size: 120%Text Size
Notice: This Is an AI-Generated Summary
Comments (0)