Gold prices jumped in local markets, Wednesday, with a slight increase in the prices of the ounce in international markets. This increase came amid high speculations about the US Fed intention to decrease interest rates by 50 points.
Saied Embabi, the Executive Director of Isagha platform, gold prices jumped by EGP 17 in domestic markets. The gram of 21 karat hit EGP 3475, and the ounce increased by $6 in international markets to record 2575.
He added that the gram of 24-karat recorded EGP 3971, 18-karat hit EGP reached EGP 2979, 14-karat recorded EGP 2317, and the gold price estimated at EGP 27800.
Embabi added that gold's revenues surpassed $513 since the beginning of this year due to the jump in central banks demands for gold, and the geopolitical escalations in the Middle East.
He explained that gold prices are somehow stable, after their decline, yesterday.
Markets are expecting that the US Fed will decrease the interest rates, therefore, the markets are anticipating tonight's meeting of the board.
Contributed by: Rana Atef
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