Gold Prices Fall in Egypt Amid Stronger Dollar and Rising Yields

Gold prices in Egypt fell by approximately 1.7% over the week ended Saturday evening, while international gold prices declined around 3.4% over the week ended Friday.

The stronger US dollar and rising Treasury yields weighed on the metal despite weaker-than-expected US economic data.

Dr. Waleed Farouk, Director of Marsad Al Dahab for Economic Studies, said the price of 21-karat gold fell EGP 105 per gram, opening the week at EGP 6,235 and closing at EGP 6,130.

The unemployment rate in the US rose to 4.2% from 4.1%, while employment estimates for July and August were revised down by a combined 60,000 jobs.