Gold in Egypt hikes as North Korea tensions weigh in global markets

Gold prices rose in Egypt on Tuesday by four Egyptian pounds ($0.226) as mounting geopolitical tensions over a new North Korean missile launch have weighed heavily on global markets.

The twenty-four carat gold was sold for 737.15 pounds; while the widely-spread in Egypt, twenty-one carat gold scored nearly 645 pounds.  The 18 carat gold reached 552.85 pounds.

Gold pound also rose by 32 pounds, to reach 5,160 pounds on Tuesday, Ehab Wasfy, a member at the gold department at the Federation of Egyptian Chambers of Commerce, told Amwal Al Ghad.

Global gold prices rose for a third day on Tuesday to its highest since November as mounting geopolitical tensions over a new North Korean missile launch stoked demand for safe-haven assets and weighed heavily on the dollar and equities. Geopolitical risks can boost demand for safe-haven assets such as gold which is considered a good store of value during volatility in other markets.

Spot gold rose 0.89 percent to $1,321.09 per ounce, after earlier touching its highest since Nov. 9 at $1,322.33.