Gold Prices Soar to New Heights as US Inflation Data Looms

Gold prices surged in both local Egyptian and global markets on Tuesday, driven by expectations around U.S. monetary policy, investment demand, and central bank purchases.

The price of 21-karat gold rose by about 80 EGP compared to the previous day's close, reaching around 6,300 EGP per gram, while the global ounce traded near $4,390 after touching roughly $4,435 during the session. The price of 24-karat gold reached about 7,200 EGP per gram, 18-karat around 5,400 EGP, and the gold pound stood at approximately 50,400 EGP.

The strong rally in gold prices since early August has pushed them clearly away from the $4,000-$4,100 range that dominated trading for much of July. Market movements suggest gold remains supported by expectations around U.S. monetary policy, along with investment demand and central bank purchases.