Gold Prices Plummet Globally Amid Rising US Treasury Yields and Interest Rate Expectations

The gold market saw significant fluctuations over the week ended Friday, September 12. According to Marsad Al Dahab, gold prices fell by around 1.8% globally during this period.

The decline was driven by rising US Treasury yields and stronger expectations of an interest-rate increase at the upcoming Federal Reserve meeting. This led to a surge in the value of the US dollar, which negatively impacted the price of gold.

Locally, 21-karat gold fell by EGP 5 from Friday's close to EGP 6,260 per gram. Twenty-four-karat gold was priced at around EGP 7,154 per gram, while 18-karat gold stood at EGP 5,366 per gram.

The Egyptian gold pound was recorded at EGP 50,080. Globally, gold fell by around US$81 per ounce during the week, opening at US$4,430 and closing at approximately US$4,349.