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اليوم السابع
Dollar and gold climb for second week
Gold prices in the Egyptian market have risen for the second consecutive week, with the price of a 21-karat gram reaching approximately 6,250 Egyptian pounds. Globally, the ounce price has also reached $4,177, driven by the increase in the US dollar in Egyptian banks to its highest level in five months, which supported gold pricing in the local currency. Despite this rise, local prices still remain below the fair value by more than 65 pounds per gram, due to weak local demand and abundant supply, alongside the Egyptian pound's decline of over 2% since the beginning of the week. The rise in the local US dollar, supported by higher oil prices and geopolitical tensions, continues to influence gold prices, highlighting that the decision to buy or sell must consider a balance between global and local market factors.
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