Egyptian Gold Prices Edge Higher Amid Global Market Anticipation

Gold prices in Egypt rose slightly at the start of Wednesday's trading session, with 21-karat gold, the most widely traded among Egyptians, recording approximately 6,300 Egyptian pounds for selling and 6,250 pounds for buying per gram. This comes as markets assess interest rate policy following the Federal Reserve's 25-basis-point rate hike last week.

The global spot price of gold remained steady at $4,356.92 per ounce, while futures contracts rose 0.4 percent. The movement in gold prices is closely tied to the trajectory of U.S. interest rates, inflation developments, and dollar movements.

Silver, on the other hand, declined 1.1 percent to $65.28 per ounce under pressure from a stronger dollar and rising expectations of another rate hike in October, which now stand at 56 percent. Traders are monitoring specific support and resistance levels for silver, with the first major support at $65.31.