Gold Prices in Egypt Jump EGP 5

Gold prices in Egypt rose by EGP 4-5 supported by the rise in the global ounce price to the level of $1580 , according to Ehab Wassef, Deputy head of the Gold Division at the General Union of Chambers of Commerce.

Wassef said on Thursday that the 18K recorded EGP 593.5, the 21K reached about EGP 693.5, while the 24K rose to the level of EGP 793.5.

He pointed out that the price of the 8g golden coin fell to EGP 5,548.

Globally, gold prices rose by more than $ 10 during Thursday's trading, following statements by the Jerome Powell, Chair of the Federal Reserve and in conjunction with the high death toll and infection from the coronavirus.

Investors turned to the yellow metal after Powell said that the outbreak of the new Corona virus could affect the Chinese economy in the short term.

Gold is considered a safe haven in times of economic and political uncertainty.

The new Chinese virus, Corona, has killed 170 people and infected more than 7,700 cases so far.

On the other hand, the Feds decided yesterday to keep the interest rate unchanged at a level ranging between 1.50-1.75%, bearing in mind that Low interest rates reduce the opportunity cost of possession of the metal.

Meantime, data of economic growth in the United States as well as US unemployment benefits data are scheduled to be released today.

By the end of today's trading, the price of gold futures for April delivery rose by 0.7% or $10 to $1586.7 an ounce.

While the price of the the precious metal's spot delivery rose by about 0.3 percent, which is equivalent to $ 4 to ascend to $ 1581.66 an ounce.

During the same period, the main index of the dollar, which follows the performance of the greenback, increased against six major currencies, marginally by about 0.08 percent to record 98.069.