Gold prices increased slightly in local markets during today’s trading, due to the rise in the ounce of gold price in the global stock exchange by 0.2%.
Lotfi Munib, Deputy Head of the Division of the General Federation of Chambers of Commerce said that the expectations of the US Federal Reserve to reduce economic stimulus and raise interest rates, determined gold gains to remain below the $1800 level.
He added that gold prices rose in the local market, 21-carat recorded EGP 787, while the gold ounce price increased in the global stock exchange to record $1793.
Munib also noted that 24-carat recorded EGP 900, and 18 –carat is at EGP 675, while the gold pound recorded EGP 6296.
He expected the precious metal to witness a state of price fluctuations due to several different factors, including raising interest and inflation rates.
Contributed by Nada Mustafa
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