Gold Sees Unstable Performance, 21-Karat Hits EGP 1765

Gold saw an unstable performance in domestic markets, Thursday. While the gold ounce declined in world markets after the rise of the US dollar.

Currently, investors still anticipate the soon-to-be-released US economy data. The upcoming indicators will help in framing the near future policies of the US Federal Reserve.

It is expected that the US Federal Reserve would see another 25-point increase in the upcoming meeting on January 31.

Experts expected that gold would see more increase due to the slowdown of the US economy.

They added that the price of the ounce would range between $1935, and $1960 until the meeting of the US Federal Reserve board.

Saied Embabi, the CEO of the Isagha platform, said that domestically, the prices of the yellow metal witnessed an unstable performance. 21-karat recorded EGP 1765.

On the other hand, the ounce recorded $1938.

He added that 24-karat recorded EGP 2017, 18-karat registered EGP 1513, 14-karat was sold at EGP 1177, and the gold pound reached EGP 14120.

Contributed by: Rana Atef