Gold Prices Increase by EGP 8 in Week, 21-Karat EGP 783

Gold prices jumped by EGP 8 in local markets last week; this increase was driven by the US dollar decline and the rise of inflation rates which encourage investors to gold as a protection.

Hany Milad, the head of the Gold Division at the Federation of Egyptian Chambers of Commerce, that 21-karat recorded EGP 783 at the end of the week, compared to EGP 775 at the beginning of it.

While the gold ounces was estimated at USD 1800 at the end of the week, compared to USD 1794 at the end of the week in the global exchange market.

Milad concluded that 24-karat was sold at EGP 895, on the other hand, 18-karat recorded EGP 671. Regarding the gold pound, it reached EGP 6264.

Contributed by: Rana Atef