On Wednesday, gold prices recorded a new increase by EGP 4 in local markets after the rise of the yellow metal ounces’ performance in the world exchange trades, recording $ 1845.
This increase came amid the investors’ anticipation of the resolutions of the US Federal Reserves’ meetings, scheduled on January 25 and 26, for setting the new monetary policies, in addition to marking the dates of rising the interest rates for competing against the inflation.
Ehab Wassef, the head of the Precious Metals Division in the General Federation of Egyptian Industries, that gold prices jumped in local markets because of the growing concerns of Europe and the Middle East over the soon-to-be-issued-policies and the continued hike of the inflation,
Therefore, gold is considered a safe shelter as an economic instrument.
Wassef added that 21-karat recorded EGP 807, while 24-karat was estimated by EGP 923.
On the other hand, 18-karat was sold at EGP 692. Finally, the gold pound was purchased at EGP 6456.
Contributed by: Rana Atef
