Egypt's gold prices experienced notable fluctuations within local markets on Tuesday and observed minor price changes globally, ultimately reaching a new high due to increased purchases by central banks. Investors and market watchers are now keenly awaiting the publication of the Federal Reserve's meeting minutes for March and the forthcoming U.S. inflation figures on Wednesday, which are expected to offer definitive insights into the future trajectory of interest rates.
Saeed Embabi, the CEO of "iSagha," an online platform for trading gold and jewelry, highlighted that in the local markets, gold prices saw a rise of 5 Egyptian pounds during today's transactions compared to last week's closing. Consequently, the rate for 21-karat gold per gram escalated to 3205 Egyptian pounds. On the international stage, the ounce of gold increased by approximately 6 dollars, reaching a price of 2347 dollars, after initially peaking at 3265 dollars at the start of the day's trading.
Embabi further elaborated that the price for a gram of 24-karat gold stood at 3663 Egyptian pounds, with 18-karat gold priced at 2747 Egyptian pounds. Moreover, 14-karat gold was marked at roughly 2137 Egyptian pounds, while the gold pound, a customary unit in Egypt, was valued at 25640 Egyptian pounds.
Gold prices maintained stability in local markets during Monday's session, with the 21-karat gold per gram starting and ending the day at 3200 Egyptian pounds. Meanwhile, on the global exchange, gold prices witnessed an 11-dollar increase, with the ounce opening at 2330 dollars and concluding at 2341 dollars.
As anticipation builds, the markets are bracing for the release of the Federal Reserve's policy meeting minutes from March, along with the U.S. Consumer Price Index data set for Wednesday. These forthcoming disclosures are poised to shed light on the Federal Reserve's monetary policy directions soon, holding significant implications for gold prices and broader financial markets.
Follow the latest news on Google News
