Egyptian Pound Edges Lower Against Dollar as Gold Holds Steady

The Egyptian pound weakened against the US dollar in three banks while gold prices held steady locally at the start of trading on Tuesday.

• The US dollar fell by one piaster at the Commercial International Bank (CIB) and by five piasters at Banque du Caire and Abu Dhabi Islamic Bank.
• The dollar buying rate stood at 50.17 Egyptian pounds at the National Bank of Egypt, Bank Mísr, and CIB at market open.
• Gold prices in Egypt remained unchanged from Monday evening, with 21-karat gold at 5,830 Egyptian pounds per gram.
• Globally, the spot gold price fell by 0.49 percent to about $4,021 per troy ounce, according to Bloomberg data.