Gold prices witnessed a slight decrease in the local markets during Tuesday’s trading, with a slight decrease in an ounce gold ounce price on the global stock exchange, amid investors’ anticipation of the US Federal Reserve’s decisions on Wednesday and Thursday.
Said Imbabi, Executive Director of the “i-Sagha” digital platform of gold and jewelry online trading, said that gold prices rose by about EGP 1 during today’s trading in the local markets, as the 21-karat recorded EGP 987.
He added, that a gram of 24-Karat recorded EGP1128, 18-karat recorded EGP 846, 14-karat is sold at EGP 658, and a pound of gold recorded EGP 7869 .
Moreover, Imbabi continued that the US Federal Reserve is expected to raise interest rates at the Monetary Policy Committee meeting on Wednesday and Thursday, by 75 basis points, or perhaps 100 points, while the European Central Bank raised interest rates during the past week by about 50 basis points to reduce inflation rates.
He also added that raising interest rates has led to a 15% decline in gold prices since start of the Russian-Ukrainian war, noting that gold has lost about 5% of its value since January 2022.
In addition, Imbabi pointed out that gold is a tool for hedge against high inflation rates, and a safe haven against currency erosion, in times of crises and economic uncertainty.
Contributed by Nada Mustafa
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