Egypt Gold Prices Surge 3% Amid Geopolitical Tensions and Fed Outlook

Gold in Egypt rose about 3% during the week, reaching 175 Egyptian pounds per gram and touching 6,010 EGP at the month's high. The rally was driven by the expiration of high‑yield bank savings certificates, which shifted cash into gold, and by a weakening Egyptian pound that slipped 1.6% against the dollar over the week and 4.3% since early July. Geopolitical tension in the Middle East also boosted demand for the metal as a safe‑haven asset.

Globally, the COMEX price of gold edged up $20.60 to $4,070.80 per ounce as crude oil fell and investors awaited the U.S. Federal Reserve’s policy meeting, where most expect rates to stay unchanged. Analysts note the Fed may soon focus on balance‑sheet reduction rather than further rate hikes, a move seen as supportive for gold. Regional markets in Saudi Arabia and Kuwait reported stable or modestly higher gold prices, reflecting the same mix of local currency movements and global risk sentiment.

The combined effect of local liquidity shifts, currency depreciation, and international uncertainty has placed gold among the most active commodities this week.