Supervisor Elham AbolFateh
Editor in Chief Mohamed Wadie

Gold Markets Stabilize Ahead with US Fed Chief Speech

Gold Service

Thu 28 Sep 2023 | 10:04 PM
Walid Farouk

Gold Prices stabilized in local markets and international ones today, Thursday, after yesterday's fierce decline in prices due to the fall of the US dollar.

Moreover, the markets are still anticipating the speech of the Federal Reserve Chief Jerome Powell, today, about the monetary policies of the US Fed in the upcoming period.

Regarding the prices of the gold locally, Saied Embabi, the Executive Director of Isagha platform, said that the gram of the 21-karat hit EGP 2297, while the ounce recorded $1875.

Embabi added that the gram of 24-karat recorded EGP 2511, 18-karat was sold at EGP 1883, and 14-karat reached EGP 1465.

The gold pound estimated at EGP 17576.

In the same context, a Fed official told reporters that increasing the interest rates may worsen the situation of the US economy, therefore, interest rates would remain unchanged, in addition, the Fed is still working on avoiding economic stagnation.

Contributed by: Rana Atef