1 Day
Source:
المصدر
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Egypt gold prices fall by 120 pounds
Gold prices in Egypt experienced a sharp decline of 120 Egyptian pounds per gram, driven by a roughly 3% drop in the global ounce price. This comes amid concerns over rising oil prices, which could boost U.S. inflation and lead the Federal Reserve to hike interest rates again. Locally, gold prices reacted to the rising dollar against the Egyptian pound, with the dollar recorded at 51.79 EGP, limiting the impact of the global price decline on the local rate. Globally, the ounce fell to around $4,155 after dropping about $130, while the price of a 21-karat gold gram was approximately 6,115 EGP. Gold prices in Egypt are heavily influenced by fluctuations in the global ounce rate and the USD exchange rate. Despite increasing demand from central banks, expectations of ongoing inflationary pressures, rising oil prices, and a strengthening dollar remain the primary factors driving price movements.
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