Gold in Egypt tops 50,600 EGP per pound as dollar breaches 56 EGP

Gold rose in Egypt on Monday as the global ounce recovered above $4,000 and the dollar climbed past 56 EGP.

• The 21-carat gram rose to 6,325 EGP on October 26, up 25 EGP, with the gold pound reaching 50,600 EGP.
• The dollar surpassed 56 EGP in some Egyptian banks, with Abu Dhabi Islamic Bank quoting 56.03 EGP buying and 56.13 EGP selling.
• The global ounce recovered above $4,000 after last week's 4.1% drop, ahead of the Fed's October 27–28 meeting and Egypt's central bank decision on October 29.
• Saeed Imbabi, iSaghah executive director, said rising global ounce prices and a stronger dollar together drove the local increase.