Gold Prices Stable, 21-Karat Records EGP 2190

Gold prices witnessed a state of stability in local markets during trading today, Thursday, with the decline of an ounce on the global stock exchange, amid anticipation of the testimony of Jerome Powell, the Chairman of the US Federal Reserve, before the Senate, later today.

Said Imbaby, the executive director of the “iSagha” platform said gold prices witnessed a state of stability with today’s dealings, and compared to the closing of yesterday’s trading, Wednesday;

21-karat gold recorded EGP 2190, while an ounce fell by $8, and an ounce was estimated at $1926.

Imbaby added that 24-karat recorded EGP 2503, 18-karat hit EGP 1877, while a pound of gold recorded about EGP 17520.

While gold prices rose by EGP 10 during Wednesday’s trading, as 21-karat opened trading at EGP 2180 pounds, declined by EGP 2140, and concluded transactions at EGP 2190, while the ounce declined by $2, as it opened transactions $1936, fell to $1927, rose to $1937, and closed trading at the $1934.

Imbaby indicated that the local markets are awaiting the meeting of the Central Bank of Egypt regarding the fate of interest rates, later today, which are likely to be maintained at current levels.

Powell said during his speech to Congress on Wednesday, the possibility of raising interest rates more than once during the second half of the hot year to overcome the high inflation rates of up to 2%.

Contributed by Israa Farhan