Arab Finance: Gold prices jumped at the beginning of Monday’s trading session after the US and Iran reached an initial agreement to end their war, pushing oil prices lower and easing concerns about inflation and higher interest rates.
Spot gold climbed 2.5% to $4,322.87 per ounce, hitting its highest level since June 9th and extending gains for a third straight session.
In Egypt, the 24-karat gold was priced at EGP 7,271.78 for purchase and EGP 7,174.22 for sale, according to Dahab Misr’s data by 8:44 AM.
Meanwhile, the 21-karat gold price hit EGP 6,363.44 for buying and EGP 6,278.07 for selling.
"Lower oil prices and a softer dollar, stemming from reduced geopolitical risk and the anticipated reopening of the Strait of Hormuz, are helping to calm inflation expectations," Tim Waterer, chief market analyst at KCM Trade, told Reuters.
