Supervisor Elham AbolFateh
Editor in Chief Mohamed Wadie

Gold Prices Increase, 21-karat Records EGP 2040

Gold Service

Thu 23 Mar 2023 | 07:07 PM
Walid Farouk

Gold prices rose in domestic markets during Today’s trading, Thursday, with an ounce in the global stock market rising by about 1.9% after the US Federal Reserve’s decision to raise interest rates by 25 basis points yesterday, Wednesday.

Saeed Imbaby, the CEO of the “iSagha” platform, said gold prices rose by EGP 10 in local markets during today’s trading, and compared to the end of yesterday’s dealings, as 21-karat gold recorded EGP 2040, while an ounce recorded $1978.

Imbaby added that 24-karat is estimated at EGP 2332, 18-karat recorded about EGP 1749, while14-karat gold recorded about EGP 1360, and a pound recorded about EGP 16320.

He pointed out that gold prices rose by EGP 30, or by 1.5%, in local markets, during yesterday’s trading, as of 21-karat opened transactions of EGP 2000, and closed transactions at EGP 2030, while the ounce declined by $30, by a percentage of 1.5%, as trading opened at approximately $1941, and closed at $1971.

Jerome Powell, the Chairman of the US Federal Reserve, stated in a press conference yesterday that the bank will take "adequate" measures to reduce inflation to 2%, and will raise interest rates to higher levels if necessary.

Contributed by Israa Farhan