Gold prices slightly jumped, domestically, on Wednesday, despite the decline of the ounce prices, globally, due to the rise in the USD. The USD jumped following the statements of the Chairman of the US Federal Reserve Jerome Powell.
Saied Embabi, the executive director of Isagha Platform, said that gold prices jumped in domestic markets by EGP 5.
Embabi added that the gram of 21-karat recorded EGP 3260, while the price of the gold ounce declined by $8, recording $2388.
In addition, the gram of 24-karat recorded EGP 3762, 18-karat estimated at EGP 2794, and 14-karat reached EGP 2174.
The gold pound recorded EGP 26080.
In the same context, Powell said yesterday, that the US economy didn't reach the targeted inflation rates despite its strength, teasing soon interest rate decline.
Powell's statements did not carry specific timings regarding decreasing interest rates which supported the expectations of the US Federal Reserve to continue its strict policies.
He pointed out that the latest data showed strong growth in the labor market, however, no progress towards reaching the tageted inflation rates was indicated.
The US Fed to decrease the inflation rates to 2%.
March inflation data, released last week, revealed that inflation recorded 3.5% at an annual basis. The latest recorded rate is below the highest indicated rate which is 9%, that was recorded in mid 2022, and near the highest recorded rate since October 2023.
Contributed by: Rana Atef
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