Gold Prices Stable, 21-Carat at EGP 783

Gold prices have stabilized in local markets during today’s trading, due to the stability in the ounce of gold price in the global stock exchange.

This came amid the investors’ anticipation of inflation data in the US, which may give indications about the Federal Reserve’s decision to reduce measures as a way to stimulate economic recovery from the Coronavirus pandemic.

Hany Milad, Head of the Gold Division at the Cairo Chamber of Commerce, said that gold prices stabilized in the local market, 21-carat recorded EGP 783, while the gold ounce price in the global stock exchange recorded $ 1786.

He added that 24-carat recorded EGP 895, and 18 –carat is at EGP 671, while the gold pound recorded EGP 6264.

Economists expect the inflation rate to rise during August, and the data comes before Federal Reserve’s important policy meeting set for September 21-22.

Contributed by Nada Mustafa