Gold Prices Increase, 21-Karat at EGP 3170

Gold prices in local markets rose during Monday's trading session, with a slight increase in the global stock market, as the dollar fell to its lowest levels. 

This came after economic data showed a decline in inflation in the United States in May, boosting expectations of interest rate cuts by the Federal Reserve.

Saeed Imbaby, executive director of the “iSagha” platform for gold and jewelry online trading, said that gold prices witnessed an increase by EGP 10 in the local markets during today’s trading, as a gram of 21 karat gold recorded EGP 3170, while an ounce rose to $2332.

He added that a gram of 24-karat gold recorded EGP 3623, a gram of 18-karat gold recorded about EGP 2717, a gram of 14-karat gold recorded about EGP 2114 and a pound of gold recorded about EGP 25360.

The US dollar sharply declined from its highest level in nearly two months in response to the inflation data, reaching its lowest level in several days on Monday, providing support for the commodity.

Markets are awaiting comments from Federal Reserve Chairman Jerome Powell on Tuesday, followed by the minutes of the latest Federal Reserve policy meeting on Wednesday and US labor market data later in the week.