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Gold weekly rise hits 1.3% at $4195 per ounce
Gold prices in the local market increased by 35 Egyptian pounds during Friday's trading, settling at 6,150 pounds per gram of 21-karat gold. This brings weekly gains to 1.3%, supported by a recovery in global prices, which rose to $4,195 per ounce. The increase comes amid investor anticipation of developments in U.S. inflation and the Federal Reserve's interest rate policy, as minutes from recent meetings reveal concerns about persistent inflation and the need for further rate hikes before the year's end. These factors are influencing gold prices both worldwide and locally. Despite the rise, the local gold price remains about 50 pounds below the benchmark value based on the global price, reflecting the impact of the rising dollar, U.S. Treasury bond yields, and inflation expectations. This ongoing uncertainty continues to influence the direction of gold prices globally.
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