Gold prices rise by EGP 110 over week - Dailynewsegypt

AI desk brief

Egyptian gold prices rose over the week despite a 25bp Fed hike, with 21-karat gold up about EGP 110 to EGP 6,390/gram (+1.75%). Local pricing tracked a strong rally in the global ounce, cited at around $4,378, as geopolitical tensions in the Gulf and US–Iran risks outweighed pressure from higher rates and a stronger dollar.

iSagha’s Saeed Embaby said the move highlights a break from the usual rates-gold relationship, with geopolitical risk currently dominating. He flagged EGP 6,400/gram in 21k as near-term resistance and EGP 6,250–6,280 as support, with the local market also watching US inflation data, energy prices, and the dollar/EGP exchange rate.