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Gold Slightly Increases Domestically, 21-Karat Hits EGP 2010

Gold Prices

Wed 22 Mar 2023 | 06:23 PM
Walid Farouk

Gold prices slightly increased in domestic markets, on Wednesday. On the other hand, the yellow metal ounce experiences slightly positive performance, internationally, in light of the anticipation of the US Federal Reserve decisions on the interest rates.

The CEO of Isagha Saied Embabi said that gold prices increased by EGP 50.

Embabi added that the 21-karat recorded EGP 1985 in domestic markets, while the ounce hit $1945 worldwide.

He highlighted that the 24-karat reached EGP 2297, on the other hand, the 18-karat hit EGP 1723.

In the same context, 14-karat was sold at EGP 1340, and the gold pound was recorded at EGP 16080.

Last few days, the gold markets experienced rapid changes in prices due to the fall of different banks, and the anticipated decisions of the US Federal Reserve.

It is expected that the institution would keep the same interest rates, or increase them by 25 points maximum due to the current issues of the US banking sectors.

These decisions may cause a decline in the US dollar and an increase in gold prices.

Contributed by: Rana Atef