Arab Finance: Global gold prices rose on Monday, October 26, as softer oil prices eased inflation concerns, while investors awaited the US Federal Reserve’s monetary policy decision later this week.
Spot gold climbed 0.4% to $4,010.51 per ounce by 05:44 GMT, recovering after hitting its lowest level since mid-July in the previous session.
In Egypt, 24-karat gold was priced at EGP 7,232.51 for buying and EGP 7,146.03 for selling, according to Dahab Masr at 9:17 AM.
The 21-karat gold hit EGP 6,329.08 for buying and EGP 6,253.4 for selling.
Meanwhile, 18-karat gold was priced at EGP 5,424.93 for buying and EGP 5,360.06 for selling.
The gold coin stood at EGP 50,638.64 for buying and EGP 50,027.2 for selling.
Kyle Rodda, a senior financial market analyst at Capital.com, told Reuters: "The jump that we've seen is mostly symptomatic of the kind of relief provided by a lower oil price, but one that could easily be capped as markets position for the FOMC decision in a couple of days' time."
"Gold will continue to trade as a function of interest rate expectations and geopolitical risks," Rodda added.
