Gold prices rose in local markets during Tuesday's trading, supported by the rise of the dollar on the black market and the rise of the ounce on the global stock market.
This came after the release of weak economic data, which reinforced the change in the US Federal Reserve’s monetary policy and the start of the monetary easing cycle, amidst markets awaiting US Federal Reserve Chairman Jerome Powell’s speech before Congress on Wednesday.
Said Imbabi, Executive Director of the “i-Sagha”, said that gold prices rose in the local markets by about EGP110 during the transactions compared to the end of yesterday’s trading, in which the gram of 21-karat gold recorded EGP 2900, while an ounce on the global stock exchange rose by $43 to record $2125.
He added that the 24-karat gold reached EGP 3314, 18-karat registered EGP 2486, 14-karat gold sold at EGP 1934, and the gold pound hit EGP 23200.
On the other hand, gold prices rose in the local markets by EGP 20 during yesterday's trading.
The 21-karat opened trading at EGP 2770, touched EGP 2830, and closed at EGP 2790. Meanwhile, the ounce rose on the global stock market by $34, with transactions beginning at $2082 and concluding at $2116.
Imbabi pointed out that the rise of the dollar on the black market and the rise in prices on the global stock market pushed gold prices to rise again.
In a related context, the markets are awaiting the speech of Jerome Powell, Chairman of the US Federal Reserve, before Congress, which will last for two days starting Wednesday.
In addition to the anticipation of the release of US jobs data next Friday, to obtain clearer indications about the directions of the US Federal Reserve’s monetary policy.
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