Gold Prices Surge as Weakening Dollar Lifts Egyptian Market
Gold prices have increased in both local and global markets on Monday, following a weakening dollar in Egypt and investors' cautious approach ahead of key US economic releases. The price of 21-karat gold rose by approximately EGP 20 to around EGP 5,950 per gram in the Egyptian market, while spot gold gained about $11 to trade near $4,052 per ounce globally.
The recent decline in the US dollar exchange rate against the Egyptian pound has helped ease upward pressure on domestic gold prices. The local premium on gold narrowed significantly, declining from around EGP 158 to approximately EGP 130 per gram, reflecting improved balance between supply and demand.
Investors remain cautious ahead of key US economic releases this week, including the closely watched Nonfarm Payrolls report on Friday. Market sentiment has improved after the US administration confirmed the continuation of diplomatic efforts with Iran and the resumption of negotiations, easing concerns over a broader conflict in the Middle East.