Gold prices jumped in domestic markets, on Wednesday, with an increase in the prices of the gold ounce in international markets. This move was motivated by the investors' direction to buy gold, the USD fall, and the statements of the US Fed officials.
Saied Embabi, the Executive Director of Isagha, gold prices jumped by EGP 30 in local markets. The gram of 21-karat recorded EGP 3655. The gold ounce recorded $2611.
He added that the gram of 24-karat recorded EGP 4177, 18-karat reached EGP 3133, 14-karat hit EGP 2437, and the gold pound reached EGP 29240.
Embabi expressed that gold prices may decline domestically, and internationally due to the expected sales of some investors after the victory of Donald Trump in the US Elections and his pledges to strengthen the USD, and end the escalating geopolitical tensions.
In addition, the expected price of the ounce after the decline could be $2550, especially after the gold sales by the central banks, therefore, he advised customers to be careful and accurate in case of buying or selling gold.
Embabi also pointed out that customers are more interested in buying silver bars and coins, especially among the limited income people as it is a good and suitable investment, and it attracts more investors than gold.
This week includes the economic week of the US economy. It will witness the release of several economic data like inflation, producer indicators, and retail sails, in addition to the expected speeches of the US Fed officials.
Contributed by: Rana Atef
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