Gold prices jumped in the domestic markets during trading today, Thursday, with the rise of ounces on the global stock exchange following US Federal Reserve Chair Jerome Powell's speech in Washington, D.C. at the Brookings Institution on Wednesday.
During his speech, Powell noted that it was time to slow the pace of coming US interest rate hikes, which, in turn, reinforced expectations of a limited lift will not exceed 50 basis points.
Said Imbabi, Executive Director of the “i-Sagha”, said that gold prices rose to EGP 14, by 1% during today’s trading compared to the end of yesterday's trading, where the price of a gram of 21-carat gold recorded EGP 1507.
In global markets, gold rose by $11 (0.6%) to $1,780 per ounce.
He added that the 24-carat gold reached EGP 1722, 18-carat registered EGP 1292, 14-carat gold sold at EGP 1005, and the gold pound hit EGP 12056.
Imbabi pointed out that gold prices rose by EGP 20 during yesterday's trading, as the 21-carat opened trading at EGP 1473 and closed at EGP 1493.
Meanwhile, the ounce rose by $17, as it opened at $1752 and closed transactions at $1769.
In the same vein, he highlighted that the market is witnessing a slowdown in sales movement due to surging prices. The citizens are projecting a wave of drop in prices after reaching EGP 1520, highlighting their tendency to sell what they possess and take advantage of the price differences.
This led to a state of turmoil in the market, especially in light of the growth of the parallel market for the exchange rate of the dollar, as it equals EGP 30.
Contributed by Yara Sameh
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