Gold Prices Stabilize in Local Markets; 21-Karat Records EGP 2,180

Gold prices in local markets experienced a stable trend during Monday's trading, even as the ounce saw a slight increase in global exchanges. Market anticipation is high ahead of this week's U.S. Federal Reserve meeting, where decisions on interest rates will be pivotal. Most predictions lean towards rates remaining unchanged.

Said Embabi, CEO of the online gold and jewelry trading platform "iSagha," confirmed that gold prices remained steady in local markets compared to the end of last week's trades. The price for a gram of 21-carat gold stands at EGP 2,180, while internationally, the ounce price increased by roughly $2, reaching a level of $1,926.

Further details reveal the 24-carat gold per gram to be priced at EGP 2,492, the 18-carat at EGP 1,869, the 14-carat at EGP 1,453, and the gold pound at EGP 17,440.

In the past week, gold prices in the local market had declined by EGP 20 or 0.6%. The 21-carat gold opened its trades at EGP 2,200 and concluded at EGP 2,180. On the global front, the ounce in the world exchange climbed by $12 or 0.9%, starting trades at $1,912, peaking at $1,930, and finally settling at $1,924.