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Supervisor Elham AbolFateh
Editor in Chief Mohamed Wadie

Gold Hits $2,400 Amidst Growing Tensions Bet. Iran & Israel


Fri 12 Apr 2024 | 03:20 PM
gold
gold
Walid Frouk - Ahmed Emam

Gold prices rose in local markets on Friday due to an increase in the global stock market, reaching $2,400 per ounce. This rise was caused by concerns in global markets about geopolitical events in the Middle East, including the Israeli attack on the Iranian consulate in Damascus, which led to an increase in tension between Iran and Israel.

The CEO of "iSagha," Engineer Saeed Embabi, reported that gold prices in local markets increased by EGP 70 during Friday's transactions compared to the previous day's close. The price of a gram of 21k gold reached EGP 3,300, while an ounce of gold rose on the global stock exchange by about $18 to record $2,395, touching the $2,400 level in spot trading during the day. The ounce in futures contracts also touched the level of $2,413.

Embabi added that a gram of 24-karat gold recorded EGP 3,772, a gram of 18-karat gold recorded EGP 2,829, while a gram of 14k gold recorded about EGP 2,200. A pound of gold recorded about EGP 26,400.

On Thursday, gold prices rose by about EGP 50 during trading, with the price of a gram of 21k gold opening at EGP 3,180 and closing at EGP 3,230. However, gold prices fell on the global stock market by $16, with an ounce opening at $2,330 and transactions concluding at $2,377.

Earlier, the Israeli occupation army announced a military operation in the middle of the Gaza Strip on Thursday, increasing tensions with Turkey. In response, Ankara expanded the ban on exporting its products to Israel, which confused the Israeli markets and raised prices there. Israel may seek help from markets in other countries to meet its needs for basic commodities that Turkey has stopped supplying.

Gold prices rose due to increased demand with fears of a global recession and high inflation rates in global markets, amid uncertainty about the US Federal Reserve's position on interest rates. Bloomberg also published a report on the confusion in global markets due to the Egyptian gas shortage, with Egypt transforming from a major exporter to a major importer of fuel.