Egypt gold prices and global ounce decline

Gold prices in Egypt have increased, with the 21-karat gold reaching 6,450 Egyptian pounds. This rise occurred despite a decline in the global price of an ounce of gold after a historic spike of over 4.4% in a single day, bringing it to a three-month high of $4,524. The global ounce price decreased by 0.6%, following gold’s gains of 11% since early August, driven by a weakening U.S. dollar and falling U.S. bond yields. Meanwhile, the Egyptian market is awaiting the Central Bank’s decision on interest rates and the stability of demand during the back-to-school season, both of which will influence local price trends.

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