Gold prices in Egypt rose on Sunday as investors turned to safe-haven assets amid escalating geopolitical tensions in the Middle East, following Iran’s reclosure of the Strait of Hormuz.
By 18:22 Cairo time (16:22 GMT), 24-carat gold was trading at 8,040 Egyptian pounds per gram, up 11.50 pounds, or 0.14 per cent, from 8,028.5 pounds on Thursday.
Other popular gold grades saw similar gains:
|
Metal |
19 April |
16 April (EGP) |
Change (EGP) |
Change % |
|
24-carat |
8040 |
8028.5 |
11.50 |
0.14 |
|
21-carat |
7035 |
7025 |
10.00 |
0.14 |
|
18-carat |
6030 |
6021.5 |
8.50 |
0.14 |
|
Gold Pound |
56280 |
56200 |
80.00 |
0.14 |
Gold prices in Egypt typically track global bullion trends, while also reflecting domestic supply and demand conditions and movements in the Egyptian pound.
On international markets, gold was trading at $4,832.94 per ounce, while the US dollar stood at 51.8669 Egyptian pounds.
Attribution: Amwal Al Ghad English