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Egypt gold prices fall 145 pounds in a week
Gold prices in Egypt decreased by approximately 145 Egyptian pounds over the past week, a drop of 2.3%, due to rising U.S. Treasury bond yields and expectations of interest rate hikes. This coincided with a global decline in the ounce price by about $93, or 2.1%, and a 0.7% decrease in the dollar against the Egyptian pound. The decline in both global gold prices and the dollar's value exerted pressure on the local market, leading to a reduction in the price of the 21-karat gold gram from 6,380 to 6,235 pounds, although the price remained below its value based on the international price and exchange rate. It is anticipated that the U.S. interest rate hikes will continue in the future, putting further downward pressure on gold prices, while monitoring oil markets and tensions in the Middle East that influence safe-haven demand.
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