Gold Prices Rise in Egypt, Fall Globally Amid Rising Yields

Gold prices rose in Egypt on Tuesday but declined globally due to higher US Treasury yields and a modest rebound in the dollar. The price of 21-karat gold increased by about EGP 10 from Monday's close to around EGP 6,250 per gram.

The international gold price fell by about $23 to around $4,398 an ounce during Tuesday's trading. This decline is attributed to rising oil prices and US Treasury yields, which prompted investors to reassess the outlook for interest rates.

Renewed inflation concerns following a rise in oil prices also pressured bullion. Investors are awaiting further signals on the direction of US monetary policy from the Federal Reserve.