Gold prices rose by 1% in local and global markets, to return to its high levels registered in last November, amid high inflation and geopolitical risks that push investors to invest in gold to avoid any potential losses.
Eid Youssef, head of the gold division in the Menoufia Chamber of Commerce, said that gold prices rose by about 1% during the last week’s trading, hitting its highest level in two months to register 1847.72 dollars on Thursday, January 20, due to the decline in the dollar and US Treasury bond yields.
He added that that 24-karat was sold at EGP 917, on the other hand, 18-karat reached EGP 688 and 21 karat recorded EGP 802. Regarding the gold pound, it was traded at EGP 6416.
He noted that markets are looking forward to the US Federal Reserve meeting scheduled for January 25 and 26, which will have a direct impact on determining the curve of gold prices.
Translated by Hassanain Tayea
