Egyptian Gold Prices Hold Steady Amid Global Decline
Gold prices remained steady in Egypt on Tuesday, while the global ounce experienced a slight decline after erasing early gains amid rising oil prices and renewed inflation concerns.
The price of 21-karat gold held at EGP 6,300 per gram, unchanged from Monday's close. The global ounce fell by around $10 to approximately $4,397, according to World Gold Council data.
Higher oil prices have two opposing effects on gold: they support its appeal as a hedge against inflation and geopolitical risk, but also increase the likelihood of tighter monetary policy, placing pressure on the non-yielding metal.
US gold futures for December delivery fell by around 0.9% to $4,435 per ounce, reflecting investor caution ahead of US inflation data and the Federal Reserve's upcoming policy meeting.