Gold prices rise EGP 30 last week despite global decline - Daily News Egypt

AI desk brief

Egypt’s 21-karat gold rose 0.5% last week to EGP 6,280/gram even as international gold fell 4.1% to $3,995/oz, with the weaker Egyptian pound offsetting the global decline. The market briefly tested EGP 6,300 resistance but failed to hold above it, leaving that level a near-term pivot for domestic pricing.

The article frames the global decline as driven by higher oil prices, renewed inflation चिंता and expectations that central banks will keep rates elevated for longer, while some investors sold gold to raise liquidity amid tech-stock weakness. It also notes that Egypt’s FX pressure was amplified by debt-market outflows of about $1.83bn over four days and a 3.2% rise in the dollar exchange rate, keeping local gold prices decoupled from the international move.