Gold prices in Egypt on Saturday:
24-karat: EGP 5,274/g
21-karat: EGP 4,615/g
18-karat: EGP 3,956/g
Gold pound: EGP 36,920
The rise in global gold prices over the past week was driven
by the US dollar falling to its lowest level in a week, along with a drop in
the yield on 10-year US Treasury bonds to its lowest point in a month, boosting
demand for gold as a safe haven.
The recent weakness in US employment figures has intensified
market expectations of a Federal Reserve interest rate cut in September, with
the probability of a reduction approaching 90%.
US President Donald Trump announced an additional 25% tariff
on Indian imports, increasing tariffs on some goods to 50% and on others, such
as semiconductors, to 100%. This escalation in trade tensions between
Washington and New Delhi prompted investors to increase their demand for gold
as a safe haven.