Supervisor Elham AbolFateh
Editor in Chief Mohamed Wadie

Gold Prices Stable, 21-Karat Hits EGP 2050

Gold Service

Sat 25 Mar 2023 | 05:37 PM
Walid Farouk

Gold prices stabilized in domestic markets on Saturday trading, timed with the weekly holiday for the World Stock Exchange.

The CEO of Isagha Saied Embabi said that gold prices have slightly decreased domestically during today’s trading.

Embabi added that the 21-karat recorded EGP 2050 in domestic markets, while the ounce hit $1978.30 worldwide.

He highlighted that the 24-karat reached EGP 2314, on the other hand, the 18-karat hit EGP 1736.

In the same context, 14-karat was sold at EGP 1350, and the gold pound was recorded at EGP 16200.

He pointed out that gold prices dropped by EGP10 during yesterday’s trading, as of 21-karat opened transactions of EGP 2040, and closed transactions at EGP 2050, while the ounce declined by $7, as trading opened at approximately $1985, and closed at $1978.30.

Jerome Powell, the Chairman of the US Federal Reserve, stated in a press conference yesterday that the bank will take "adequate" measures to reduce inflation to 2%, and will raise interest rates to higher levels if necessary.

Last few days, the gold markets experienced rapid changes in prices due to the fall of different banks, and the decisions of the US Federal Reserve.