Gold Prices Jump by EGP 15 Last Week

Gold prices jumped by EGP 15 last week, in addition, gold prices increased by 3% in the international week by the end of the week.

Saied Embabi, the executive director of the Isagha platform, said that gold prices increased by EGP 15 last week. The gram of 21-karat opened the weekly transaction at EGP 3470, and closed at EGP 3485. Regarding the gold prices internationally, it started the weekly transaction at $2431, and closed at $2508.

In the same context, the gram of 24-karat recorded EGP 3983, 18-karat recorded EGP 2987, and 14-karat reached EGP 2324. The gold pound recorded EGP 27880.

Embabi asserted that markets need more monitoring for the process of valuing gold products to protect the rights of customers. He also expected a rise in gold prices due to the near decrease of the interest rates by the US Fed, and the political escalations in the Middle East. Gold prices could reach $2600 for the ounce.

Gold prices jumped by 21.6% since the beginning of the year.

The latest economic data revealed a decline in inflation in the US which supported the teases regarding three declines in the interest rates by the US Fed throughout the rest of this year, and three times in the first half of 2025.

In the same context, more central banks like China, and India started to depend on gold more than USD.

However, there are more concerns over economic recession.

Contributed by: Rana Atef