Gold Prices Increase, 21-Carat Records EGP 828

Gold prices increased Thursday in local markets due to the rise in the ounce on the global stock exchange —the highest in eight months.

The prices were affected by the decline of US Treasury yields and the escalating tensions between Ukraine and Russia.

The increase was also affected by US Federal Reserve’s meeting last month, during which the central bank hinted that there would not be big steps toward tightening monetary policy, as the markets feared.

Hani Milad, Head of the General Division for Gold and Jewelry at the General Federation of Chambers of Commerce, said that gold prices rose by EGP 16 in local markets during the trading.

He stated that the 21-Carat recorded EGP 828 per gram, while the gold ounce price recorded $1895.

Milad added that 24-carat recorded EGP 947, 18-carat recorded EGP 710, while the gold pound recorded EGP 6624.

Contributed by Yara Sameh