Gold prices experienced a significant rise in local markets during Monday's trading, while the global market ounce also increased due to a weakening dollar and growing expectations of the U.S. Federal Reserve ending its monetary tightening cycle.
Said Embabi, the Executive Director of "iSagha," an online platform for trading gold and jewelry, noted that gold prices rose by approximately EGP 5 on Monday, with the 21-karat gold gram reaching EGP 2800. Meanwhile, the ounce escalated to about $2014.
Embabi further stated that the 24-karat gold gram reached EGP 3200, the 18-karat at EGP 2400, and the 14-karat at about EGP 1867. The gold pound was recorded at EGP 22400.
In the past week, gold prices in local markets have risen by EGP 65. The week concluded with the 21-karat gold gram rising from an opening price of EGP 2720 to EGP 2785 by Saturday evening. Concurrently, in the global market, the ounce value rose by $85 over the week, opening at $1918 and closing at $2003 on Friday.
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