Egyptian Gold Prices Defy Global Trend Amid Stronger Dollar

Gold prices in Egypt moved against the global trend on Tuesday as investors await the Federal Reserve's interest-rate decision. Despite the ounce falling by $42, or 0.97%, to $4,270 per ounce, gold in the Egyptian market rose by EGP 10 from Monday's close to EGP 6,230 per gram for 21-karat gold.

The stronger US dollar and narrowing local discount contributed to this anomaly. The price of 24-karat gold reached approximately EGP 7,120 per gram, while 18-karat gold stood at EGP 5,340. The Egyptian gold pound was priced at around EGP 49,840, excluding making charges.

The dollar's appreciation offset nearly half of the percentage decline in the international gold price. Marsad Al Dahab noted that 21-karat gold was trading at a discount of approximately EGP 40 per gram to its indicative value calculated using the international ounce price and the dollar exchange rate.