Gold prices stabilized today, Wednesday, in domestic markets after the stabilizing of the gold ounce in world exchange markets, recording $1882.
Yesterday, the metal yellow increased internationally due to the fall of the US dollar after US Federal Reserve Chairman Jerome Powell's statements about inflation. They sent positive signs to the investors about the future plans of the US Federal Reserve.
Powell said that the latest released data showed reaching 2% rate for inflation will take more time, and may need more interest rate rises. He also described 2023 as the year of decreasing inflation.
Previously, the US Federal Reserve increased the interest rates several times, the last one was early this month.
Domestically, Saied Embabi, the CEO of Isagha, said that gold prices stabilized today.
Embabi added that 21-karat hit EGP 1715. In the same context, 24-karat recorded EGP 1960, 18-karat was sold at EGP 1470, 14-karat hit EGP 1144, and the gold pound reached EGP 13720.
Contributed by: Rana Atef
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