Arab Finance: Gold jumped to its highest level in over two weeks on Thursday, November 5, as the fallout from the US midterm election results weighed on global financial and oil markets, Reuters reported.
Spot gold surged 1.6% to $4,124.89 per ounce by 07:52 GMT, after reaching an intraday high of $4,146.63, its highest level since October 20.
Locally, the 24-karat gold rose to EGP 7,158.24 for buying and EGP 7,072.69 for selling, according to Dahab Masr at 10:54 AM.
Similarly, the 21-karat gold increased to EGP 6,264.09 for buying and EGP 6,189.22 for selling.
The 18-karat gold registered EGP 5,369.22 for purchase and EGP 5,305.05 for sale.
A gold coin was priced at EGP 50,112.72 for buying and EGP 49,513.76 for selling.
Meanwhile, the US dollar dropped to its lowest level in over a month, which pushed Treasury yields lower.
