Gold Prices Plummet Amid Rising Yields and Inflation Concerns

Gold prices declined sharply over the past week, losing $144 per ounce as rising US Treasury yields and energy-related inflation concerns weighed on the metal. According to Marsad Al Dahab for Economic Studies, the price of 21-karat gold fell by EGP 10 from the previous session's close to approximately EGP 6,115 per gram.

The Egyptian gold pound was priced at EGP 48,920, while 24-karat gold stood at around EGP 6,989 per gram. Internationally, gold lost approximately $144 per ounce over the week, falling from $4,285 at the start of the period to $4,141 at its close.

Marsad Al Dahab's data showed that 21-karat gold declined by EGP 15 during the previous session, opening at EGP 6,140 per gram and closing at EGP 6,125. Over the same period, the international gold price fell by approximately $36 per ounce, from $4,177 to $4,141.

Gold's weekly performance reflected competing forces: US economic data reduced expectations of an imminent interest-rate increase, while rising Treasury yields and persistent inflation concerns provided countervailing pressure. This gave gold temporary support without allowing it to retain its gains.