Egypt gold price drops to 6100 pounds
Gold prices in Egypt fell sharply today, with the price of a 21-karat gram decreasing by 130 Egyptian pounds to reach approximately 6,100 pounds. This decline was driven by a 3.2% drop in the global price of an ounce of gold, which fell to around $4,149—the lowest level in seven weeks. The local financial downturn is mainly linked to the global decline in gold prices, and it is expected that the ounce could continue to decrease to $4,000 if current pressures persist. Additionally, rising oil prices and US bond yields are impacting the market. Currently, the Egyptian market is experiencing pressure due to weak demand and ample supply, but falling prices may rekindle some buying activity amid ongoing expectations of global market volatility and the approaching release of significant US economic data.
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