Supervisor Elham AbolFateh
Editor in Chief Mohamed Wadie

Gold Prices Increase, 21-Karat Hits EGP 2385

Gold Service

Sat 27 May 2023 | 11:30 PM
Walid Farouk

Gold prices jumped in local markets, today, while the international markets saw stable performance due to the weekly day off.

Saied Embabi, the CEO of Isagha, said that the yellow metal jumped in domestic markets by EGP 15.

Embabi added that the gram of 21-karat hit EGP 2385, while the ounce recorded EGP 1946.

Moreover, the gram of 24-karat was sold at EGP 2726, 18-karat recorded EGP 2044, and 14-karat estimated at EGP 1590.

Regarding the gold pound, it hit EGP 19080.

Embabi explained that gold saw weekly revenues due to the arguments between the Republicans and the Democrats on the US debt ceiling. However, the latest released US Economy data drove gold prices to drop once again.

The data on inflation and personal consumption expenditures teased further interest rate increases. Personal Consumption Expenditures jumped to 4.7% annually, and 4.6% monthly.

Contributed by: Rana Atef