Supervisor Elham AbolFateh
Editor in Chief Mohamed Wadie

US Federal Reserve to Face Instable Fiscal System

Gold Service

Wed 15 Mar 2023 | 05:48 PM
Walid Farouk

Gold prices increased, domestically, today, and Wednesday, following, a limited increase in the yellow metal prices, globally, recording $1913 for the ounce.

Gold saw this increase due to the decline of the US dollar due to the latest unstable performance of the fiscal system. In addition, investors are still anticipating the results of the upcoming meeting of the US Federal Reserve.

Yesterday, the consumer price index increased by 0.4% in February, rising the annual inflation rate to 6%. On the other hand, the CPI (excepting the prices of food and energy) jumped by 0.5% in the same month, to reach 5.5% on annual basis. This means that inflation rose once more in the US.

Based on this data, the US Federal Reserve may have to increase the interest rates again.

Domestically, gold jumped by EGP 10, according to Said Embabi, the CEO of Isagha platform.

Embabi highlighted that a 21-karat gram hit EGP 1920.

In the same context, the gram of 24-karat recorded EGP 2194, while hit EGP 1646 for 18-karat, and it was sold at EGP 1280 for 14-karat.

Finally, the gold pound was estimated at EGP 15360.

Contributed by: Rana Atef