Gold prices increased in local markets today Thursday, with the rise in the ounce of gold price in the global stock exchange, which was affected by the decision of the US Federal Reserve to keep interest rates unchanged.
Naji Baki, head of the Economic Committee of the Gold Division of Cairo Chamber of Commerce said that gold prices rose by EGP 9 in local markets during today’s trading, with an ounce rise by about $ 30 after the US Federal Reserve announced interest rates.
He also expected inflation rates to rise for a longer period, as the US economy is recovering from the downturn caused by the COVID-19 pandemic.
Moreover, Baki said that 21-carat recorded EGP 798, while the gold ounce price increased in the global stock exchange to record $1822.
He added that 24-carat recorded EGP 912, and 18 –carat is at EGP 684, while the gold pound recorded EGP 6384.
In addition, he expected gold to rise to new levels during the coming period, in light of fixed interest rates, as this prompts investors to use gold investments as a hedge.
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