Gold Prices Increase, 21 karat gold at EGP1040

Gold prices jumped, in the local markets, by about EGP20 during Monday’s trading, in light of a slight rise in an ounce price in the global stock exchange, to record $1774.

Gold prices rose by 2.3% last week, achieving its best performance since last March, after statements by "Jerome Powell", the chair of the US Federal Reserve, to follow less restrictive policies during the coming period.

Saied Imbabi, CEO of the “i-Sagha” digital platform for gold and jewelry, online trading said that gold prices rose by EGP 20 in local markets during today’s trading, a gram of 21 karat gold recorded EGP1040 , and an ounce witnessed a slight increase in global markets.

He added that the local market took proactive measures to raise prices, in light of expectations of a new float for the pound, after raising interest rates, and the International Monetary Fund's demands for a new loan, as the dollar price rose against the pound, touching 19 pounds in yesterday's trading.

He added, that a gram of 24 karat gold recorded EGP1189 , a gram of 18 karat gold recorded EGP892 , a gram of 14 karat gold recorded about EGP 694 , and a gold pound recorded EGP 8320 .