Arab Finance: Gold prices recorded collective gains on Monday, November 9, as lower oil prices helped ease inflation concerns, with spot gold rising by 0.7% to $4,094.43 per ounce.
In Egypt, the 24-karat gold rose to EGP 7,166.27 for buying and EGP 7,080.19 for selling, according to Dahab Masr at 1:18 PM.
Likewise, the 21-karat gold increased to EGP 6,271.11 for buying and EGP 6,195.79 for selling.
The 18-karat gold went up to EGP 5,375.24 for purchase and EGP 5,310.68 for sale.
A gold coin amounted to EGP 50,168.88 for buying and EGP 49,566.32 for selling.
"Gold is rising on lower oil prices, a softer dollar, and easing bond yields. The Democratic sweep has sparked optimism for a US-Iran resolution and could bring more scrutiny of the AI boom, which would help contain inflation and temper Fed tightening," Nikos Tzabouras, an independent financial markets analyst, told Reuters.
