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Supervisor Elham AbolFateh
Editor in Chief Mohamed Wadie

Lack of Raw Gold Drives Prices to Jump by EGP 48


Gold Prices

Mon 10 Jun 2024 | 07:14 PM
Waleed Farouk

Gold prices jumped, domestically, on Monday, following the slight rise in the gold ounce in global markets. This performance is as a recovery of gold after recording a 3.3% decline last week, after the release of the US Labor report, and the anticipation of the latest interest rate update.

Saied Embabi, the executive director of Isagha, said that the gold prices increased by EGP 25 in domestic markets. The gram of 21-karat recorded EGP 3120. While, the gold ounce recorded $2305 in the global markets.

Embabi added that the gram of 24-karat hit EGP 3566, 18-karat recorded EGP 2674, and 14-karat estimated at EGP 2080. The gold pound reached EGP 24960.

The official explained that gold markets witness a lack of exhibited raw gold due to exportation, in addition, the fall in gold demand restricted the jumps in prices. But, the domestic prices are still higher than the international.

He also expected more price increases in gold prices in case of the demand for yellow gold rises, asserting that the latest price decline in international markets is temporary.

Last week, gold witnessed hard pressures after the news about China's central bank stopping the process of buying gold, in addition to the release of the US Labor data.

Contributed by: Rana Atef