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Gold prices rose to new record levels after touching $2680. The increase was due to low global real interest rates, geopolitical conflicts, and expectations of monetary easing by the US Federal Reserve, as per Sada El Balad.
In local markets, the gram of 21-karat gold recorded EGP 3615, 24-karat reached EGP 4131, 18-karat registered EGP 3099, and the gold pound hit EGP 28920.
Meanwhile, gold prices declined by EGP 5 during yesterday’s trading. The ounce on the global stock market rose by $2, reaching $2660. These unprecedented levels were driven by the weak dollar and increasing expectations of monetary easing.
The escalating conflict between Israel and Hezbollah has also boosted investors’ appetite for safe havens, including gold.
