Gold prices continued to rise in local markets on Wednesday due to the dollar’s decline, with gold ounce reaching $1,776.
Hani Milad, Head of the General Division for Gold and Jewelry, explained that rise in gold prices is due to the rise in ounces on the global stock exchange, in addition to the dollar’s decline from the highest level in a month which makes gold cheaper for holders of other currencies.
Milad noted that 24-Karat recorded EGP 892, 21-Karat recorded EGP 780, 18-Karat recorded EGP 669, and the gold pound recorded EGP 6240.
Moreover, he pointed out that the global market is witnessing a lack of uncertainty regarding US monetary policy, which affects gold prices as well as supply and demand trends.
“Gold is a tool to hedge against inflation that may result from widespread stimulus and currency debasement,” he added.
Contributed by Omnia Ahmed