Gold Prices Jump by EGP 110 Domestically Last Week

Gold prices jumped, domestically, by 3.6% last week, following a rise in gold ounce prices in international exchange markets by 4.3%.

The latest rise in prices was driven by the increase in gold international demands, ahead of the expectation of decreasing the US Fed interest rates this year.

Saied Embabi, the executive director of Isagha Platform, said that gold prices jumped in domestic markets by EGP 110 last week.

Embabi added that the gram of 21-karat opened the weekly transaction at EGP 3090, and closed at EGP3200, while the price of the gold ounce jumped by $97 to close the weekly transaction at $2330.

In addition, the gram of 24-karat recorded EGP 3657, 18-karat estimated at EGP 2743, and 14-karat reached EGP 2134.

The gold pound recorded EGP 25600.

In the same context, the US jobs report, released on Friday, witnessed adding about 303 thousand jobs, while the unemployment rate declined to 3.8%.

In his latest speech during the opening of the Business, Government, and Society Forum at Stanford University, Jerome Powell, Chairman of the US Federal Reserve, said that the US labor market continues to prove its strength.

It contributes to slowing the pace of reducing inflation. The continuation of the fall in unemployment rates leads to a rise in demand, which supports the stability of inflation without lowering it.

Powell stressed that the US Federal Reserve will not lower interest rates until it has more confidence about inflation fall.

Contributed by: Rana Atef