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Egypt Gold Prices Climb by 20 Pounds
Gold prices in Egypt increased today by 20 Egyptian pounds, coinciding with a rise in the ounce price in the global market. This was due to diminished expectations of a Federal Reserve interest rate hike following weaker-than-expected employment data, despite the continued strength of the dollar and bond yields, which limit gains. The price of 21-karat gold per gram reached approximately 6,150 pounds, while the ounce was valued at $4,167, after a global decline of about $144 over the week amid inflation concerns related to energy inventories and bond yields. Gold prices remain supported as investors await additional economic activity data, with the probability of a U.S. interest rate hike in October dropping to around 18%, amidst ongoing effects of geopolitical factors on the market.
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