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Gold drops 135 pounds to 6,100 pounds
Gold prices in the local market have decreased by 135 Egyptian pounds per gram, with the 21-karat gold— the most sold in Egypt— selling at 6,100 pounds, compared to 6,235 pounds yesterday. This decline coincided with a global drop in prices due to stabilized tensions between the United States and Iran and a decrease in oil prices, which increased pressure on precious metal prices. This was further amplified by rising U.S. Treasury bond yields and expectations of interest rate hikes by the Federal Reserve. It is anticipated that gold prices will decline by about 6% this month following the Fed's decision to raise interest rates, amidst a stronger dollar and higher U.S. bond yields. Continued tensions in the Middle East and changing market expectations regarding a political settlement are also exerting ongoing pressure on prices.
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