Home The Watchforex news Gold in Egypt hikes as North Korea tensions weigh in global markets

Gold in Egypt hikes as North Korea tensions weigh in global markets

by Yomna Yasser
https://amwalalghad.net/images/stories/Currencies/gold-bars22.jpg

Gold prices rose in Egypt on Tuesday by four Egyptian pounds ($0.226) as mounting geopolitical tensions over a new North Korean missile launch have weighed heavily on global markets.

The twenty-four carat gold was sold for 737.15 pounds; while the widely-spread in Egypt, twenty-one carat gold scored nearly 645 pounds.  The 18 carat gold reached 552.85 pounds.

Gold pound also rose by 32 pounds, to reach 5,160 pounds on Tuesday, Ehab Wasfy, a member at the gold department at the Federation of Egyptian Chambers of Commerce, told Amwal Al Ghad.

Global gold prices rose for a third day on Tuesday to its highest since November as mounting geopolitical tensions over a new North Korean missile launch stoked demand for safe-haven assets and weighed heavily on the dollar and equities. Geopolitical risks can boost demand for safe-haven assets such as gold which is considered a good store of value during volatility in other markets.

Spot gold rose 0.89 percent to $1,321.09 per ounce, after earlier touching its highest since Nov. 9 at $1,322.33.http://en.amwalalghad.com/images/stories/Currencies/gold-bars22.jpg

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