Gold prices in Egypt witnessed a rise on Wednesday of about 3 pounds following the rise in the price of the yellow metal on the global stock exchange market to the level of $1,552.
According to Nady Naguib, the secretary of the gold pision at the Federation of Egyptian Chambers of Commerce (FEDCOC) the 18K recorded today EGP 583, the 21K reached EGP 683, while the price of 24K rose to EGP 783.
Naguib added that the price of the 8g gold coin recorded EGP 5,464, explaining that gold rose during the end of today's trading by about 3 pounds per gram.
Globally, gold prices rose during trading today, with doubts from investors concerning the effectiveness of the first stage of the commercial deal.
Ahead of the agreement, US Treasury Secretary Steven Mnuchin said that tariffs on Chinese goods may remain in place even after the signing, until the second stage of the deal is completed.
Failure to remove US tariffs would reduce the benefits of the first stage, by restricting China's access to the United States, which is its second largest trading market.
On the other hand, the Beige Book report is scheduled for later in the day, which reveals the current conditions of the US economy.
Meantime, the price of gold metal futures for February delivery rose by more than 0.4 percent to $ 1551.50 an ounce, generating profits of $ 6.90.
The spot price of the precious metal also increased by 0.4 percent, or $ 5.65 to reach $ 1552.04 an ounce.
Meanwhile, the main index of the dollar, which tracks the performance of the US currency against 6 major currencies stood at 97.358.
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