The US dollar fell against a basket of major currencies, recording a decline of 0.7% during the past week and reaching its lowest levels in 3 months, which helped raise gold prices in light of the inverse relationship that links them, which was reflected in the price of gold globally.
Today’s gold price in Egypt:
24 karat gold price: 6902 pounds
Price of 21 carat gold: 6040 pounds
Price of 18 karat gold: 5177 pounds
The price of the gold pound today: 48,320 pounds
The decline in the levels of the US dollar comes in light of continued expectations in the markets that the US Federal Reserve is on its way to cutting interest rates twice during the next year, despite the bank members’ expectations of cutting interest rates only once in 2026.
Lower US Treasury yields have also helped support non-yielding assets such as gold, as investors reassess US interest rate expectations and shift their portfolios towards assets that store value.
