صدى البلد البلد سبورت قناة صدى البلد صدى البلد جامعات صدى البلد عقارات
Supervisor Elham AbolFateh
Editor in Chief Mohamed Wadie
ads

Gold Inches towards Highest Int'l Records, Domestic Sales Flourish


Gold Prices, gold

Wed 16 Oct 2024 | 03:27 PM
Waleed Farouk

Gold prices increased in domestic markets, Wednesday, with the jump in gold ounce prices internationally to inch towards the highest international records. This move in gold prices came despite the hick in the USD, and a decrease in US Treasury bond revenues. In addition, there is high speculation about further interest rates decrease, and the continuation of the escalations in the Middle East.

Saied Embabi, the Executive Director of Isagha platform, said that gold prices increased by EGP 20 by the end of today's transactions. He explained that the gram of 21-karat gold recorded EGP 3625. On the other hand, the ounce of gold recorded $2677, seeing a $15-increase.

He added that the gram of 24-karat hit EGP 4143, 18-karat recorded EGP 3107, and 14-karat estimated at EGP 2417. The gold pound hit EGP 29000.

Embabi expressed that gold prices in the domestic markets are higher than the international prices with EGP 25 due to sale improvement. On the other hand, the markets are getting ready for the next meeting of the Central Bank of Egypt on the interest rates.

He also pointed out that gold is inching towards its highest records at $2686 due to demand increase, and high sales, especially after the escalations in the Middle East, and the signs of a further interest rate decrease by the US Fed.

Internationally, the markets are waiting for a bigger decrease in interest rates by the US Fed in November.

On her side, Federal Reserve Bank of San Francisco CEO Mary C. Daly expressed that decreasing the interest rates once or twice this year is expected, adding that the latest decrease couldn't hint the estimation of the upcoming interest rate decreases.

Federal Reserve Bank of Atlanta CEO Raphael Bostic said that he doesn't see strong signs of recession with the good performance of the US economy, and the correct direction of inflation to 2%.

In the same context, the markets are still anticipating the release for more economic data.

Contributed by: Rana Atef