Gold rose today, Wednesday, October 16, for the second day in a row near the levels of 2677 dollars per ounce amid increasing geopolitical risks, as investors wait for more signals to assess the direction of the Fed's monetary policy.
Currently, the markets estimate the probability of a 25-basis-point interest rate cut from the US Federal Reserve in November at almost 98%.
Gold also gained some upward momentum as the US dollar and Treasury bond yields fell slightly in the wake of weak manufacturing data.
On the other hand, gold prices in Egypt rose strongly on Wednesday, as the price of 21-karat gold, the highest traded in Egypt, is trading near the levels of 3620 pounds.
The price of 24-karat gold also rose today to levels of 4137 pounds, and 18-karat gold recorded levels of 3103 pounds per gram.
Also, the dollar rate in Egypt inside official banks today did not move much and is still trading at levels of 48.60 pounds per dollar, with a decline in the dollar rate in the parallel market inside Egypt, which recorded levels of 48.85 pounds per dollar.
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