Gold Prices Jump, 21 Karat at EGP 2725

Gold prices rose in domestic markets today, Wednesday, after the increase in the prices of the gold ounce internationally.

The gold witnessed the latest price rise after the US inflation started to be under control. And this may end the current restricted monetary policies led by the US Fed, including stopping further interest rate increases.

The Executive Director of Isagha Saied Embabi said that gold prices jumped by EGP 45 in domestic markets.

The gram of 21-karat recorded EGP 2725, while the price of the ounce increased by $8 to hit $1973.

Embabi added that the gram of 24-karat recorded EGP 3114, 18-karat reached EGP 2336, and 14-karat hit EGP 1817. The gold pound recorded EGP 21800.

On Tuesday, the latest US inflation data was released showing a new slow in the inflation rates.

Consumer prices rose by 3.2% in October, down from 3.7% in September.

Excluding food and energy prices, the core prices rose by 0.2% from September to October. Tracked year over year, core prices rose by 4% in October, down from 4.1% in September.

Contributed by: Rana Atef