Gold price hits 7‑week high as US labor data and weak dollar boost market

Spot gold rose to about $4,300 per ounce, the highest level in the past seven weeks. The rally was sparked by weaker‑than‑expected private‑sector employment data from ADP, which lowered expectations that the Federal Reserve will raise rates in September. A softer U.S. dollar, supported by coordinated intervention with Japan, further lifted the metal.

The price surge was also buoyed by optimism over a possible Iran‑Oman agreement to reopen the Strait of Hormuz, easing Middle‑East tensions and energy‑price pressures. Global markets reflected the move, with silver, platinum and palladium also posting gains.

In Egypt, local gold prices followed the global trend but rose more modestly due to a recent depreciation of the dollar against the Egyptian pound. The gold pound reached 47,000 EGP, while 21‑carat gold traded around 5,920 EGP per gram. Similar price increases were reported in Macedonia and Kuwait, where local gold bar prices climbed alongside the international spot price.