Gold Prices Rise, Domestically, by 0.2% Last Week

Gold prices jumped in domestic markets by 0.2% last week, while it declined by 0.6% last week due to the rise in the USB, the revenues of the US Treasury Bonds.

Saied Embabi, the CEO of Isagha, said that gold prices jumped by EGP 5 in domestic markets last week. The gram of 21-karat opened the weekly transaction at EGP 3140, and closed at EGP 3145. On the other hand, the price of the ounce declined by $13. It opened the weekly transaction at $2333 and closed at 2320.

Embabi explained that the prices slowly increased in domestic markets due to the slow waves of sales. On the other hand, the exchange prices of the USD to EGP jumped in parallel markets, so, it will impact Monday's trading.

Embabi highlighted that the gold prices declined, on Friday, after setting a new high record on Thursday after the release of the preliminary Purchasing Managers Index for the manufacturing sector. The latest data showed the possibility of US Fed's restricted monetary policies continuation.

He added that the different statements of the US Fed officials drove the markets to a mood of uncertainty about the future of the interest rates, highlighting that the gold revenues were enhanced by the latest Geo-political disputes in the Middle East, and the political developments in France and the UK.

Embabi concluded that various US economic data will be released this week.

Contributed by: Rana Atef