Gold Prices Increase, 21-Karat Records EGP 796

Gold prices increased in the local markets, on Wednesday, as the price of gold ounce increased in the global stock exchange.

The new prices were affected by U.S. Federal Reserve Chairman Jerome Powell’s statement to curb inflation, and raise interest rates more than once if necessary.

On his part, Hany Milad, head of the Gold Division at the Cairo Chamber of Commerce, pointed out that the gold prices increased by EGP 5 pounds in the local markets.

Milad said the gold ounce recorded $1817 and 21-karat reached EGP 796. He added that 24-karat was estimated by EGP 910, 18-karat reached EGP 682, and the gold pound was sold at EGP 6368.

Contributed by Omnia Ahmed