Gold Prices Surge Above $4,400 Amid Geopolitical Tensions
Geopolitical tensions in the Middle East have pushed gold prices above $4,400 per ounce as investors seek safe-haven assets. The US dollar's weakness has also contributed to higher gold prices, but rate-hike bets limited gains.
The price of 21-karat gold rose by around EGP 55 from Tuesday's close to EGP 6,320 per gram, while the global ounce gained about $50 to trade at $4,410. However, the Egyptian local market was trading at a discount of around EGP 22 per gram to the implied international price.
US gold futures rose to trade near $4,450 per ounce as safe-haven demand returned amid renewed attacks in the Gulf region and concerns that the conflict could broaden.