Gold Prices Jump Domestically by EGP 60 in Week

Gold prices jumped domestically by 1.8%, and internationally by 2.4% last week.

Saied Embabi, the Executive Director of Isagha, said that gold prices jumped, domestically, by EGP 60 last week. The gram of 21-karat opened the weekly transactions at EGP 3275, and closed at EGP 3335.

In addition, gold prices jumped, internationally, by $56 to open the weekly transaction at $2387, and closed at $2443.

He added that the gram of 24-karat estimated at EGP 3811, 18-karat reached at EGP 2859, and 14-karat recorded EGP 2224. The gold pound was sold at EGP 26680.

The official added that there is an opportunity for gold to hit new records due to the possible decline in interest rates by the US Fed, especially after the interest rates decline was teased by the US Fed's Chairman.

Embabi highlighted that the rising geo-political escalations in the Middle East, and the negative economic data increased concerns over economic recession.

Last Wednesday, the US Fed kept the interest rates unchanged, but the report expressed more decisions could be made in the light of the latest economic inflation data. These decisions could include a decline in interest rates.

Contributed by: Rana Atef