Gold Markets Raise Prices

Gold prices jumped, Thursday, domestically after the raise of the gold ounce internationally, to record $2042, due to the fall of the US dollar.

The latest data on the US economy impacted the performance of the US dollar negatively, as it teased the US Federal Reserve's direction to slow down further interest rate increases.

Saied Embabi, the CEO of Isagha, said that gold prices increased, domestically, by EGP 60, recording EGP 2310.

Embabi added that 24-karat recorded EGP 2640, 18-karat hit EGP 1980, and 14-karat was sold at EGP 1540.

In the same context, the gold pound was estimated at EGP 18480.

The Official explained that the local price increases are over the international ones due to the situation of some gold dealers to make over revenues.

He reflected that the international increases in gold prices were caused by the release of the latest US economic data, highlighting that gold futures increased by 1.45, and gold continuous jumped by 1.25.

Contributed by: Rana Atef