Gold prices stabilized, Wednesday, in local markets, while they fell internationally.
The latest performance of gold is driven by the anticipation of the release of the US inflation data to have an indication for the upcoming directions of the US Federal Reserve.
Fady Kamel, the Executive Director of Dhahab Masr, said that gold prices in local markets were stabilized.
Kamel added that the gram of 21-karat recorded EGP 2195, on the other hand, the gold ounce fell by 2 dollars in international markets, hitting $1911.
In the same context, the gram of 24-karat hit EGP 2514, 18-karat was estimated at EGP 1886, and the gold pound recorded EGP 17600.
The expert concluded that the world is still suffering from economic shock and it is still trying to recover from the impact of COVID-19 and the latest economic crises.
However, gold is still keeping its position as a safe economic instrument for the value of cash and savings.
Contributed by: Rana Atef
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