Arab Finance: Gold prices in Egypt held steady on Tuesday, August 11, diverging from global gold price movements as investors shifted their focus to upcoming US inflation data for clues on the Federal Reserve’s interest-rate outlook.
The local 21-karat gold recorded EGP 6,264.5 for buying and EGP 6,199.29 for selling, according to Dahab Masr data at 11:59 AM.
Meanwhile, the 24-karat gold hit EGP 7,158.71 for purchase and EGP 7,084.19 for sale.
However, gold prices in Egypt continued to be driven mainly by movements in global bullion markets, alongside relatively minor fluctuations in the local currency.
Globally, spot gold fell by 0.5% to $4,365.65 per ounce by 07:26 GMT, after hitting its highest level since June 5 earlier in the session at $4,434.84.
Ahmad Assiri, Research Strategist at Pepperstone, told Reuters: "If this change in sentiment continues to attract further flows, it could remain an important factor in determining whether gold can consolidate around $4,400 and potentially extend the recovery towards higher levels."
