Gold Prices Surge in Egypt and Globally Amid Weak Dollar and Lower Interest Rate Expectations
Gold prices have been on the rise in both Egypt and globally since August. In Egypt, 21-karat gold rose to EGP 6,260 per gram, while global gold climbed to around $4,376 per ounce at the time of writing.
The price of 24-karat gold stood at around EGP 7,154 per gram, and 18-karat gold reached EGP 5,366. The gold pound was priced at approximately EGP 50,080.
According to Marsad Al Dahab data, 21-karat gold fell by around EGP 65 during Thursday's trading session but has still gained around EGP 320 since the beginning of August. Globally, gold declined by around $65 per ounce on Thursday but has gained around $335 per ounce over the same period.
The gap between the pace of gains in the Egyptian and global markets reflects several domestic factors, including a decline in the US dollar against the Egyptian pound and an increase in the volume of gold being resold into the local market as prices recovered.