Supervisor Elham AbolFateh
Editor in Chief Mohamed Wadie

Gold Prices Jump, 21-Karat Hits EGP 2100

Gold Service

Sat 18 Mar 2023 | 06:56 PM
Walid Farouk

Gold jumped to historical levels, domestically, today, Saturday.

The yellow metal saw a jump in price due to the crisis of the US banking sector, and the decline of the US dollar. Therefore, the US Federal Reserve may decrease the interest rates to ease the banks' commitments, and restrict any further threats.

The CEO of Isagha Saied Embabi said that gold prices increased by EGP 50.

He added that 21-karat recorded EGP 2100 in domestic markets, while the ounce hit $1989.30 worldwide.

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 2400, on the other hand, the 18-karat hit EGP 1800.

In the same context, 14-karat was sold at EGP 1400, and the gold pound was recorded at EGP 16800.

Embabi explained that the rise in the ounce price may reach $2000. This will cause massive jumps in gold prices, domestically, due to the decreasing value of the Egyptian pound against the US dollar.

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