Egypt gold prices climb 20 pounds in a week
Gold prices in Egypt increased by 0.3% over the past week, with gains of approximately 20 pounds per gram, after reversing earlier weekly losses. This rise was supported by a decline in the US dollar, higher US bond yields, and stable oil prices. The price of 21-karat gold per gram experienced fluctuations at the start of the week, beginning at 6,130 pounds, then falling to 6,080 pounds, and rising again to close at 6,150 pounds. Globally, the ounce price increased by about $54, from $4,141 to $4,195, after a dip down to $4,066. Data indicate that the local market did not fully keep pace with the global increases; profits remained lower locally due to exchange rate differences, even though gold worldwide is still 25.4% below its January 2023 peak. Meanwhile, the value of a 21-karat gram has risen by 5.5% since the start of the year. Market forecasts vary, with Goldman Sachs predicting gold reaching $5,400, and J.P. Morgan anticipating it could go as high as $6,300 by 2027, all while monitoring US interest rate data and its impact on both global and local prices.
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