Supervisor Elham AbolFateh
Editor in Chief Mohamed Wadie

EgyptGold: Gold Prices Record 6.5% Increase within Week

Gold Service

Sat 18 Mar 2023 | 11:54 PM
Walid Farouk

Gold prices rose on the global stock exchange by $ 122, (6.5%) in the last week, while spot gold prices rose by about 3.6% on Friday trading, as the global banking crisis prompted dealers to acquire gold as a safe haven.

Meanwhile, expectations increased for the US Federal Reserve System to calm down the pace of interest rate hikes during its next meeting on March 21 and 22, in order to avoid further repercussions of the bank collapse crisis, according to a market research report by EgyptGold.

The report indicated that the collapse of the Silicon Valley Bank in the United States, and the decline in the shares of the Swiss Credit Suisse Bank, showed the weakness of banks in the face of high-interest rate hikes, which prompted investors to purchase gold.

The report expected that the price of an ounce of gold would exceed $2,000 during the coming period, as the role of gold as a safe haven in times of crisis is active.

Fadi Kamel, Executive Director of the “EgyptGold” company for gold trading, said that gold prices in the local market are close to achieving gains of about 255 pounds, or 13.7%, during the week’s trading, due to the high prices on the global stock market, and the increasing local demand amid citizens’ fears of a new reduction in the value of the pound against the dollar.

He explained that gold prices started the week’s trading at 1865 pounds, reaching 2120 pounds on Saturday, while the ounce began the week’s trading at 1868 dollars, and reached 1990 dollars on Friday evening.

He noted that a gram of 24 karat gold recorded 2423 pounds, a gram of 18 karat gold recorded about 1817 pounds, a gram of 14 karat gold recorded about 1414 pounds, while a pound of gold recorded 16960 pounds.