Supervisor Elham AbolFateh
Editor in Chief Mohamed Wadie

Gold Jumps by 1.9% in Week, Domestically

Gold Service

Sun 12 Mar 2023 | 06:02 PM
Walid Farouk

Gold jumped in the domestic markets by 1.9% last week. Internationally, gold experienced a 0.7% increase.

The yellow metal saw a jump in price by the end of the week due to the crisis of Silicon Valley Bank, the biggest bank failure since 2008, so investors decided to protect their savings and investments through gold.

In the same context, the recently issued US Jobs report showed positive sides to the market's performance. The latest data may encourage the US Federal Reserve to follow its plan to set more rate interest increases in the upcoming meeting by the end of March.

The Chair of the Federal Reserve of the United States Jerome Powell

said that the US Federal Reserve expects to increase the interest rates more. A lot of restrictions are needed for controlling inflation.

The CEO of Isagha Saied Embabi said that 21-karat opened the weekly transaction at EGP 1830, and closed at EGP 1865.

On the other hand, the gold ounce opened the weekly transaction at $1855 and closed at $1868.

He highlighted that the 24-karat reached EGP 2132, on the other hand, the 18-karat hit EGP 1599.

In the same context, 14-karat was sold at EGP 1244, and the gold pound was recorded at EGP 14920.

Embabi explained that domestic sales increased last week. However, the Egyptian market is anticipating the outcome of the upcoming meeting of the Central Bank of Egypt by the end of March.

Contributed by: Rana Atef