Gold Prices Rise by EGP 155 in July

Gold prices in local markets experienced relative stability during trading today, Thursday, while the ounce declined in the global exchange due to selling and profit-taking activities. 

This comes amid strong expectations of the US Federal Reserve lowering interest rates, increased geopolitical tensions, and the expansion of conflicts in the Middle East.

Saeed Imbaby, executive director of the “iSagha” platform for gold and jewelry online trading, said that gold prices witnessed a stability in local markets during today’s trading, as a gram of 21 karat gold recorded EGP 3310, while an ounce rose to $2435.

He added that a gram of 24-karat gold recorded EGP 3793, a gram of 18-karat gold recorded about EGP 2837, a gram of 14-karat gold recorded about EGP 2207 and a pound of gold recorded about EGP 26480.

According to the monthly "iSagha" report, gold prices increased by 4.9%, equivalent to 155 pounds, during July. The price of a gram of 21-carat gold started trading at 3155 pounds, peaked at 3335 pounds, and closed at 3310 pounds. Meanwhile, global exchange prices increased by 5.3%, equivalent to 123 dollars. 

The ounce started trading at 2326 dollars, reached 2484 dollars on July 17, the highest peak in gold's history, and closed at 2449 dollars.