Gold prices jumped by EGP 34 pounds in the local markets during the trading week ending on Saturday. Gold gained $39, or 2.3%, as the decline in US Treasury yields and the decline in the dollar prompted investors to buy gold as it is considered a safe economical instrument against continued inflation.
Gold prices rose after the US Federal Reserve raised interest rates by about 75 points last Wednesday.
Saeed Imbabi, Executive Director of the “i-Sagha”, said the ounce recorded $1726 at the week’s trading on Monday and concluded trading on Friday evening at $1765.
21-karat was estimated at EGP 986 at the week’s trading last Monday and concluded trading on Saturday evening EGP 1020.
He added 24-karat gold recorded EGP 1166, while 18-karat gold hit EGP 875, and 14-karat gold at EGP 680. Finally, the pound of gold recorded EGP 8160.