Gold Prices Jump in October by EGP 410

Gold prices increased by 19% in local markets in October, meanwhile, the price of the ounce increased by %7.4 due to the geopolitical escalations in the Middle East.

Fady Kamel, the Executive Director of Egypt Gold, said that gold prices jumped by EGP 410 in October as the gram of 21-karat recorded EGP 2165 by the beginning of the month, and closed at EGP 2575.

On the other hand, the ounce recorded $1848 by the beginning of the month, and closed at $1985, after having a $137 increase.

Regarding the performance of gold on Wednesday, Kamel said that gold prices declined by EGP 5, and the gram of 21-karat recorded EGP 2570, while the ounce recorded $1983 after a $2 decline.

He added that the gram of 24-karat reached EGP 2937, 18-karat registered EGP 2203, 14-karat gold sold at EGP 1714, and the gold pound hit EGP 20560.

The expert highlighted that the current escalations between Israel and Palestine motivated investors to buy gold because of concerns over recession.

Kamel expected more increases in gold due to the increasing escalations in the Middle East, in addition to the upcoming meetings of the US Federal Reserve on the interest rates.

Contributed by: Rana Atef