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Metals Division Explains Gold Trends in Egypt
Recently, gold prices in Egypt experienced fluctuations due to geopolitical changes in the Middle East, but they rebounded driven by the rise in the US dollar exchange rate against the Egyptian pound. Ihab Wasef, head of the Gold Division at the Egyptian Industries Union, explained that there is a positive correlation between local gold prices and the foreign dollar exchange rate, meaning that an increase in the dollar leads to a rise in gold prices. Last week, the price of a 21-karat gold gram increased from 6,150 to 6,250 Egyptian pounds, a gain of 100 pounds, despite a decline in global gold prices. This was supported by the rising dollar, which helped bolster the local market, especially amid rising oil prices and geopolitical tensions that increase demand for the US currency. It is expected that gold prices will continue to rise as long as the dollar remains strong in the upcoming period.
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