Gold Prices Rise as Egypt Awaits Interest Rate Decision

Gold prices in local markets rose on Thursday, driven by increased global ounce prices, which remain above their record levels. This rise is fueled by growing optimism that the US Federal Reserve will cut interest rates in September.

Eng. Saeed Imbabi, CEO of the online gold and jewelry trading platform "iSagha," reported that gold prices increased by 10 EGP today compared to the end of yesterday's trading. The price of 21-karat gold reached 3,320 EGP per gram, while the ounce rose by $1 to $2,464, following its record high of $2,483.60 on Wednesday, July 17.

Imbabi added that 24-karat gold recorded 3,794 EGP per gram, 18-karat gold was priced at 2,846 EGP per gram, and 14-karat gold was at 2,214 EGP per gram. The price of the gold pound reached 26,560 EGP.

Gold prices in local markets had increased by 5 EGP during Tuesday's trading, opening at 3,305 EGP per gram for 21-karat gold, peaking at 3,325 EGP, and closing at 3,310 EGP. Meanwhile, global gold prices fell by $18, with the ounce opening at $2,476, touching $2,483.60, and closing at $2,458.

Markets are now awaiting the decision of the Monetary Policy Committee of the Central Bank of Egypt in its meeting this evening. There are increasing expectations that the interest rates will remain unchanged at 27.25% for deposits and 28.25% for lending.