On Thursday, Gold prices rose in local markets during trading with anticipation of the meeting of the Monetary Policy Committee of the Central Bank today, while the ounce rose on the global stock exchange, due to the decline of the dollar.
Said Embaby, the CEO of the “iSagha” said gold prices rose by EGP 25 in local markets, during today’s trading, and compared to the conclusion of yesterday’s dealings, so that a 21- karat recorded EGP 2155, and an ounce is estimated at $1967.
Embaby added that 24 -karat recorded EGP 2463, 18-karat recorded about EGP 1847, 14-karat gold recorded about EGP 1437, while a pound of gold was sold out at about EGP 17240.
He explained that the markets are awaiting today the meeting of the Monetary Policy Committee of the Central Bank of Egypt, to determine the fate of interest rates.
The bank is expected to raise interest rates by between 200 and 300 basis points, according to Embaby.
He added that the rumors that the Central Bank had taken a new decision to devalue the Egyptian pound against the dollar led to an increase in gold prices, linking it to a dollar price that exceeds the parallel market price, for the purpose of hedging.
Imbaby expected that prices would witness a slight decline during the coming period, as the Egyptian Central Bank did not take a decision to devalue the pound at today's meeting.
Gold prices had risen by EGP 40, in local markets during trading yesterday, Wednesday, 21-karat opened trading at EGP 2090, touched at EGP 2140, and concluded transactions at EGP 2130, while an ounce opened trading at $1964, and touched at $1962, and the trading closed at the $1967.
Contributed by Israa Farhan