Gold Prices Rise in Local Markets Amidst Dollar Appreciation

Gold prices in local markets witnessed a significant increase on Monday, driven by a nearly 12% rise in the US dollar exchange rate, reaching approximately 55 Egyptian Pounds in some banks. This surge is the first of its kind since the beginning of US-Iranian tensions, according to Emad Saad, a gold market expert.

The price of 21-carat gold recorded approximately 7100 Egyptian Pounds per gram. Concurrently, the global ounce price rose to 4541 US dollars, coinciding with a slight decline in the US Dollar Index and fluctuations in global markets.

Saad, in exclusive statements to Ayyar 24, noted a relative improvement in gold jewelry sales during the Eid al-Fitr wedding season, benefiting from recent price drops in the markets, following a period of slowdown.

Globally, gold faces difficulty achieving further gains due to ongoing tensions in the Middle East, changes in US interest rate expectations, and rising energy prices, which increase global economic risks. 

Markets remain in a state of continuous anticipation and evaluation of the Federal Reserve's monetary policy expectations, amidst investor concerns about the impact of rising yields on gold's attractiveness as an investment asset.