Gold prices started a new wave of rising after achieving a good performance last week. They increased by EGP 9 last week. This rise is considered the best for gold in two months.
The prices jumped by 1.4% after US Federal Reserve’s Chairman Jerome Powell statements. Jerome announced that the US will ease the measures of economic relief and keeping interest rates near zero. On the other hand, the rates of inflation are still rising in light of the global economic slowdown.
In the same context, Osama El Galla, the Secretary-General of Cairo’s Chamber of Commerce’s Gold Division, said that 21-karat reached EGP 798 on Saturday, compared to EGP 789 last Monday, adding that prices jumped by EGP 25 in July, while gold ounces prices reached USD 1830.
He added that 24-karat recorded EGP 912, 18-karat was estimated at EGP 684, and the gold pound was sold at EGP 6384.
Finally, El Galla expected that yellow metal would gain more profits as there is no clear data regarding US economic recovery amid the new rise of reported COVID-19 infections.
Contributed by: Rana Atef
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