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Gold Prices Rise by 1.6% in Local Markets in May


Gold Prices

Sat 01 Jun 2024 | 09:41 PM
Waleed Farouk

Gold prices in local markets saw a 1.6% increase in May, while global gold prices rose by 1.8%. This rise was fueled by uncertainty surrounding the US Federal Reserve's monetary policy and interest rates, along with geopolitical tensions and increased purchases by banks.

These factors pushed gold to its highest level ever on May 20.

Saeed Imbabi, the CEO of the online gold and jewelry trading platform "iSagha," reported that gold prices increased by 50 EGP during May. The price of 21-carat gold opened at 3055 EGP per gram, peaked at 3200 EGP, and closed at 3105 EGP. On the global market, prices rose by 42 USD, starting at 2285 USD per ounce, reaching a historic high of 2451 USD, and closing at 2327 USD.

Imbabi also noted that gold prices rose by 5 EGP today, Saturday, compared to the close of yesterday's trading, bringing the price of 21-carat gold to 3110 EGP per gram. This coincides with the global market's weekend break, after a slight weekly increase of 0.3% or 6 USD per ounce, closing at 2327 USD.

Additionally, he provided current prices for various gold carats: 24-carat gold at 3224 EGP per gram, 18-carat gold at 2666 EGP, 14-carat gold at 2074 EGP, and a gold pound at 24880 EGP.

Yesterday, Friday, gold prices had dropped by 15 EGP in local markets, with 21-carat gold starting at 3120 EGP per gram and closing at 3105 EGP. On the global market, prices decreased by 14 USD per ounce, opening at 2341 USD and closing at 2327 USD.

Imbabi highlighted that the increase in raw gold exports amid declining local demand has limited the rise in local gold prices, despite the global price peak in mid-May. Raw gold traders are keeping prices steady to maintain profit margins between local and global prices.

Globally, the US Federal Reserve kept interest rates unchanged in its May 1 meeting, while the Central Bank of Egypt did the same on May 23.

Imbaby pointed out that geopolitical tensions in the Middle East, central bank gold purchases, and high Asian demand have pushed gold prices to historic levels, strengthening its position against the US dollar and bonds. This rise occurred despite ongoing uncertainty about the Federal Reserve's future monetary policy, whether it will continue tightening or adopt a more accommodative stance.