Gold Prices Increase, 21- Karat Records EGP 1020

Gold prices jumped in local markets today, Saturday, following the high performance of gold in world exchange markets, recording $1765.

Gold increased globally by 0.4% while the US dollar declined by 0.3% which motivated the investors to buy the yellow metal as it represents a safe economic instrument in the light of the ongoing inflation.

The increasing inflation drove the US Federal Reserve to raise the rates of interest once again by 75 points.

Saied Embabi, the CEO of Isagha Platform, said that gold prices jumped by EGP 5, and 21-karat reached EGP 1020, instead of EGP 1015 yesterday.

Embabi added that 24-karat EGP 1166, on the other hand, 18-karat was estimated at EGP 875. 14-karat was sold at EGP 680, and the gold pound hit EGP 8160.

Regarding silver prices, the prices of silver jumped by 1.4% for the ounce, recording $20.26, while the silver gram reached $925.

Contributed by: Rana Atef