Gold Prices has increased today’s trading, Thursday, in light of the rise in the prices of ounces, supported by a decline in dollar amid a decline in trading due to Christmas celebrations.
This came amidst the market's anticipation on Thursday for the decisions of the Monetary Policy Committee meeting to determine the fate of interest rates.
Saeed Imbaby, the CEO of “I-Sagha” platform, said gold prices in the local markets rose by EGP 20 in the local markets during today’s trading, compared to the end of Wednesday’s trading, as 21-karat gold is estimated at EGP 1760, while the gold ounces recorded $ 1815.
He added that 24-karat reached EGP 2012, 18-karat recorded EGP 1509, 14-karat was sold at EGP 1174, and the pound of gold was estimated at EGP 14080.
Imbaby mentioned that gold prices were not stable during yesterday’s trading, as 21-karat opened the transaction at EGP 1740, touched at the level of EGP 1790, and ended at EGP 1600, while the ounces opened the transaction at $1815, touched at level of $1820, and ended at $1715.
He noted that the Central Bank’s decision would have repercussions on price movements in domestic markets, especially if the exchange rate is liberalized and the pound declines against the dollar.
Contributed by Israa Farhan
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