Gold prices surged past $5,000 per ounce, bolstered by expectations of potential interest rate cuts in the United States, according to reports from Al Sharq with Bloomberg.
In Egypt, gold prices experienced a sudden increase despite the weekly holiday, as reported by Al Youm Al Sabea. This increase occurred even with markets closed for the week.
Meanwhile, investors are reportedly shifting away from the dollar, driving gold prices closer to the $6,000 mark, according to Sky News Arabia. This movement suggests a growing preference for gold as a safe-haven asset amid economic uncertainty.
Gold prices also saw an increase of 1% driven by weaker-than-expected U.S. Inflation data, as reported by Ma’loomah Direct.
Al Ain News reported that “Al-Nafis” saw a jump in gold prices following U.S. Inflation data that fell short of expectations.
