Gold Prices Increase EGP 35 in Local Markets

Gold prices in local markets experienced a rise of 0.9% during the trading week that concluded yesterday evening. In contrast, the price of gold on the global stock exchange decreased by 0.4%, attributed to significant selling activities following the release of economic data indicating a persistent increase in inflation. This situation may compel the American Federal Reserve to either lower interest rates by approximately 25 basis points or maintain the current rates.

According to ESaeed Imbabi, Executive Director of the "i-Salagh" platform for online gold and jewelry trading, local gold prices increased by 35EGP over the past week. The price of a gram of 21-carat gold commenced trading at 3,735EGP, peaked at 3,800EGP, and concluded at 3,770EGP. Conversely, international gold prices fell by $11, with the ounce starting at $2,747, reaching a high of $2,800, and finishing at $2,736.

Imbabi further noted that the price for a gram of 24-carat gold was recorded at 4,309 pounds, while the price for a gram of 18-carat gold stood at 3,231EGP.

During trading yesterday, local gold prices declined by 5 pounds, with the price of a gram of 21-carat gold opening at 3,775EGP and closing at 3,770EGP, coinciding with the weekly holiday for the World Stock Exchange.

In it's monthly report, "i-Saga" platform mentioned that gold prices in local markets rose by 6.3%, equating to an increase of 225 pounds in October. The price of a gram of 21-carat gold began trading at 3,560EGP, reached a peak of 3,800EGP, and concluded at 3,785EGP.

Meanwhile, prices on the World Stock Exchange saw an increase of 4.4%, amounting to $116, with the ounce starting at $2,631 and achieving a historic high of $2,800.