US Jobs Data Reverses Gold Price Gains as Egyptian Prices Edge Higher

US jobs data reversed the trend in gold prices last week, erasing some of the gains made before the release. Global markets were closed for the weekend, but Egyptian gold prices continued to fluctuate.

The price of 21-karat gold rose by EGP 5 from Friday's close to EGP 6,325 per gram, while the international ounce ended the week at $4,430, down about $25 from the previous weekly close. The price of 24-karat gold stood at EGP 7,229 per gram.

Marsad Al Dahab for Economic Studies reported that higher oil prices fueled inflation concerns and led markets to price in an approximately 64% chance of a rate increase at the Fed's September meeting. This supported the dollar and Treasury yields while weakening the appeal of non-yielding gold.

Gold prices in Egypt fell by EGP 70 during Friday's trading, but recovered some losses later in the day. The price of 21-karat gold opened the session at EGP 6,390 per gram and closed at EGP 6,320.