Gold Prices Soar to Over $4,160 Amid Weaker Dollar and Lower Oil

Gold prices surged on Wednesday, rising by around $80 to over $4,160 per ounce in global exchanges. This increase was driven by a weaker US dollar and lower oil prices, as investors awaited U.S. employment data for fresh signals on the Federal Reserve's interest-rate path.

The price of 21-karat gold rose by approximately EGP 50 from Tuesday's close to around EGP 5,920 per gram in Egypt. The international gold price climbed to around $4,160 per ounce at the time of reporting, while the US dollar fell below the EGP 50 level for buying and selling.

The local market is being shaped by opposing forces, with the sharp increase in international bullion prices pushing domestic gold prices higher. However, the decline in the dollar exchange rate and lower local premium are absorbing part of that impact.