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EGP 8 Increase in gold Prices; 21-Carat Records EGP 803

waleed Ahmed by waleed Ahmed
4:35 PM January 20, 2022
Gold Prices Decrease by EGP 6 in Week
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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.

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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

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