Gold prices have risen in local markets during Thursday's trading session, supported by a global increase in gold prices due to a weakening dollar and heightened geopolitical tensions, amidst subdued trading activity coinciding with Christmas celebrations, according to a report by the "iSagha" platform.
Saeed Embabi, CEO of the “iSagha” platform 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 3740, while an ounce declined to $2629.
He added that a gram of 24 karat gold recorded EGP 4274, a gram of 18 karat gold recorded about EGP 3206, and a pound of gold recorded about EGP 29920.
The local markets are awaiting the outcome of the Egyptian Central Bank's Monetary Policy Committee meeting, its eighth and final for 2024, to decide on interest rates.
The Central Bank of Egypt has followed a tight monetary policy since March 2022, raising interest rates by 1,900 basis points, including 300 points in 2022, 800 points in 2023, and 800 points in 2024. Current overnight deposit and lending rates are 27.25% and 28.25%, respectively, with the discount rate at 27.75%.
Embabi explained that gold prices experienced a slight recovery today, regaining some losses following hawkish remarks by the U.S. Federal Reserve on December 17, supported by a weaker dollar and geopolitical tensions amidst subdued trading activity during the Christmas season.
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