Gold Jumps in Local Markets as US Dollar Soars in Banks

Gold prices in the local markets rose during trading on Monday, following the increase in the ounce on the global stock market. Meanwhile, experts expect the US Federal Reserve to end the monetary tightening cycle, which will lead to a decrease in interest rates three times this year.

According to Saeed Embabi, CEO of the "iSagha" platform for trading gold and jewelry online, gold prices increased by approximately EGP55 during Monday's transactions. Compared to the end of the week's transactions, the price of a gram of 21k gold rose to EGP3080. An ounce on the global stock market rose by approximately $7 to record $2172.

The price of 24k sold at EGP3520, 18k cost EGP2640, while 14k recorded approximately 2054 pounds. Additionally, a gold pound was priced at around EGP24640.

Embabi attributed the rise in gold prices in local markets to the increase in the dollar in banks, which exceeded 47 pounds. During last week's transactions, gold prices in the local markets increased by 1.5%, reaching a value of EGP45.

It's worth mentioning that gram of 21 karat gold opened transactions at 2980 pounds, touched the level of EGP3250, and ended transactions at EGP3025. Gold prices on the global stock market also increased by 0.4%, reaching a value of $9. An ounce opened trading at $2156, reached $2222 during trading last Wednesday, and ended trading at $2165.