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Gold Prices in Egypt Reach 6140 EGP
Gold prices in Egypt have increased modestly at the start of October, with the 21-karat gold per gram reaching approximately 6,140 Egyptian pounds, up by 10 pounds over two days. This rise is driven by a balance of supporting factors such as geopolitical tensions that boost safe-haven demand, and reports of relative stability in the exchange rate, against limiting factors like the strength of the US dollar and US bond yields, which restrain gold's gains. Globally, the ounce neared the 4,133-dollar level, influenced by movements in the dollar and bond yields, while geopolitical tensions and the desire to hedge against risks remain main factors supporting the rise of this precious metal. Gold price movements continue to be linked to the stability of the US economy and the direction of interest rates, with geopolitical risks still impacting demand for gold as a safe haven.
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