Gold Markets Witness Price Fluctuations in Week

Global and local markets recorded a state fluctuation in prices during the week's trading.

The price fluctuations were attributed to various factors, including the decline of the dollar, and expectations that the US Federal Reserve will continue to tighten monetary policy and raise interest rates by about 75 basis points during the next November meeting.

Said Embaby, CEO of i-Sagha, indicated that the gold prices per gram retreated by EGP 5 (0.4%) at the end of Saturday’s trading. Meanwhile, the ounce increased by $13 (0.8%) on the global stock exchange during the trading week that ended on Friday evening.

Embaby added that the 21-karat opened the week’s trading on Monday at EGP 1120, touching the level of EGP 1108, and closed the transactions at EGP 1115.

In addition, the ounce opened trading at $1644 and went up to $1665, then fell to $1621 and ended the trading session at $1657

The CEO pointed out that the 24-karat reached EGP 1275, whereas the 18-karat stood at EGP 956. The 14-karat gold was valued at EGP 744, while the gold pound reached EGP 8920.

Moreover, he noted that gold prices in the local markets rose by about EGP 2 during Saturday’s trading. The 21-karat opened trading at EGP 1113 and closed at EGP 1115.