Gold Prices Slip as US Dollar Rises, Prompting Egyptian Bank to Raise Savings Rates

Gold prices posted a third consecutive weekly decline, dropping more than 2% on Friday to a spot level of $4,121.95 per ounce—the lowest since June 11—and ending the week down about 3.8%. The slide was driven by a stronger US dollar and heightened market expectations of further Federal Reserve tightening after hawkish comments from Fed officials, including the new chair. Limited activity in Asian markets, caused by holiday closures in China and Hong Kong, added to the downward pressure.

In Egypt, the National Bank of Egypt responded to the broader market weakness by raising the yield on its platinum‑type savings certificate to 17.25% per annum for a three‑year term, up from 16%. The bank also highlighted other certificates with variable or stepped rates, offering savers higher, more stable returns as they seek alternatives to volatile gold prices.