On Thursday, Gold prices rose in local markets during today’s trading as the price of gold ounce increased by more than 1% in the global stock exchange.
The prices were affected by the rise of demands for the yellow metal as it is a safe tool for investors amid the dollar’s decline and geopolitical tensions surrounding Ukraine and the Middle East, which sparked a surge in precious metals.
Ehab Wassef, Head of the Precious Metals Division at the Federation of Egyptian Industries, said that gold prices rose by about EGP 8 in the local markets, while an ounce rose in the global stock exchange to record $1837, and a gram of 21-carat gold rose to EGP 803, due to the decline of the dollar and the US Treasury bonds.
The decline boosted gold’s appeal as a safe tool against inflation and led oil prices to climb to their highest since 2014, which raises concerns about price escalation.
He added that 24-carat recorded EGP 918, 18-carat recorded EGP 688, while the gold pound recorded EGP 6424.
Among other precious metals, platinum jumped 4.3% to $1,023.40 per ounce, silver rose 2.86% to $24.12, and palladium rose by 7%.
Contributed by Yara Sameh