Supervisor Elham AbolFateh
Editor in Chief Mohamed Wadie

Gold Prices Rise, 21-Karat Records EGP 786


Wed 15 Sep 2021 | 05:57 PM
walid Farouk

Gold prices increased in local markets on Wednesday to reach its highest level in a week as the price of the gold ounce rose by 0.6%, surpassing $ 1800 in world exchange.

The reasons for such rise was the decline of US dollar caused by the new slight jump in rates of inflation of the US economy due to the unclear timeframes of US Federal Reserve policies to lift economic stimulations.

Amr El Lakkani, the deputy head of Gold Division, Cairo's Chamber of Commerce, said that 21-karat recorded EGP 786, on the other hand, 24-karat was estimated at EGP 898. Finally, 18-karat hit EGP 674.

Regarding the gold pound, it was sold at EGP 6288.

El Lakkani explained thay the recent data of inflation could support US Federal Reserve directions to slow down its measures of lifting US stimulations and keep the rates of interest low.

He concluded that gold would make use of low interest rates as it restricts the costs of preserving prescious metal that don't gain any profits.

Contributed by: Rana Atef