Gold prices in local markets increased during midday trading on Wednesday, with the ounce rising in the global market following the release of the US Consumer Price Index data, which showed a slowdown in both headline and core inflation in May.
The data indicates that the Federal Reserve might reduce interest rates earlier than previously expected, as markets await the Federal Reserve's meeting this evening to decide on the fate of interest rates.
Saeed Imbaby, executive director of the “iSagha” platform for gold and jewelry online trading, said that gold prices witnessed an increase by EGP 30 in the local markets during today’s trading, as a gram of 21 karat gold recorded EGP 3140, while an ounce rose to $2339.
He added that a gram of 24-karat gold recorded EGP 3589, a gram of 18-karat gold recorded about EGP 2692, a gram of 14-karat gold recorded about EGP 2094 and a pound of gold recorded about EGP 25120.
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