Gold Prices Increase in Local Markets, 21-karat at EGP 2360

Gold prices rose in the local markets during Tuesday’s trading with an increase in ounces on the global stock exchange, supported by a decline in demand for US Treasury yields, due to increasing expectations of a slowdown in economic activity in the United States.

This prompted investors to turn to gold as a safe haven to hedge against economic crises.

Saeed Imbaby, the CEO of the “iSagha” platform, said that gold prices rose by EGP 10, during today’s trading and compared to the end of trading yesterday evening, Monday, so that 21-Karat gold recorded EGP 2360, while the ounce rose on the global stock exchange at $3, to reach $1964.

He added that 24-karat recorded EGP 2679, 18-karat gold was sold at EGP 2023, and 14-karat gold recorded EGP 1574, while a pound of gold was estimated at EGP 1880.

While gold prices witnessed a state of instability in the local markets during trading yesterday, as 21-Karat gold opened trading at EGP 2350, declined to EGP 2330, and concluded transactions at EGP 2350, while the ounce rose by $13 in the global markets, where trading opened at $1948, touched at $1941 level, and closed the week’s trading at $1961.

Imbaby explained that gold is considered a safe haven for investment, as it has proven its seriousness with this confidence, during the recent period, as the price of gold has increased by about 3 times, as it recorded EGP 795 and EGP 800 in January 2022.

He pointed out that the gold markets are witnessing a state of relative calm and stability, due to the calmness of the global price, the stability of the exchange rate, and the decline in demand.

Contributed by Israa Farhan @Walid Farouk