Supervisor Elham AbolFateh
Editor in Chief Mohamed Wadie

Gold Prices Increase Slightly, 21-Karat at EGP 1008


Mon 20 Jun 2022 | 04:07 PM
walid Farouk

Gold prices increased in the local markets during today’s trading, in light of the stability in the price of an ounce on the global stock exchange to reach $ 1839,20.

Abdel-Aal Salima, Vice President of the Gold Division at Kafr El-Sheikh Chamber of Commerce said that gold prices rose by EGP 3 in the local markets, as 21-Karat reached EGP 1008.

Salima added that 24-Karat recorded EGP 1152, while 18-Karat is sold at EGP 864 and the gold of pound is estimated at EGP 8064.

He pointed out that the price of gold in Egypt rose by about EGP 220 in the first six months of 2022, as 21-karat recorded EGP 788 last January.

Moreover, he added that the price of gold in Egypt depends to a large extent, on gold prices in international markets, which in turn depend on US interest rates and other global factors.

In addition, Salima continued that inflation remains at historically high levels in the US, above the targeted average inflation of 2% by the US Federal Reserve, and the US Central Bank is expected to raise the interest rate by more than 200 basis points by December 2022.

He also explained that there are several factors that affect gold prices, foremost of which inflation, high US federal interest rates, and the war between Russia and Ukraine.

Contributed by Nada Mustafa