Gold prices in Egypt rose sharply during Wednesday evening trading.
This coincided with a surge in global gold prices and a decline in U.S. Treasury yields.
Gains per ounce rose by more than 2.5% during trading, after surpassing the $4,500 level.
Before settling near $4,485.
According to a report from the “i-Sagha” platform, the price of a gram of 21-karat gold—the most commonly traded in Egypt—rose by about 140 pounds to reach 6,360 pounds.
The price of a gram of 24-karat gold reached approximately 7,268 Egyptian pounds.
Meanwhile, 18-karat gold reached approximately 5,451 pounds. In contrast, the price of the gold pound reached approximately 50.88 thousand pounds.
Saeed Imbabi, CEO of the “i-Sagha” platform, explained that the decline in U.S. bond yields was the main driver behind the rise in gold prices.
He added that increased repurchases of long-term bonds helped stabilize yields.
Furthermore, the weak dollar and reduced bets on U.S. interest rate hikes led to increased demand for gold.
Lower bond yields reduce the opportunity cost of holding gold.
This enhances its appeal to investors and supports rising prices both globally and domestically.
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