Egyptian Gold Prices Rise Amid Global Decline

The price of gold in Egypt experienced a limited increase during the week ended Saturday evening, despite a decline in the global ounce price. The rise in the US dollar against the Egyptian pound helped absorb the impact of the international decline.

According to Marsad Al Dahab, 21-karat gold rose by around EGP 25 over the week, trading within a range of EGP 260 between its weekly low and high. In contrast, the global ounce declined by $25, or approximately 0.6%, during the same period.

The local price gained around 0.4% while the global price declined by about 0.6%. The dollar's appreciation against the Egyptian pound helped keep the calculated value of gold elevated.