Gold prices stable ahead of US Federal Reserve meeting

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 as investors await the US Federal Reserve meeting for cues on its monetary outlook, amid the rise in the dollar price.

Amr El Maghraby, a member of the Board of Directors of the Gold Division in the Cairo Chamber of Commerce, said that gold prices stabilized in the local and global market, 21-carat recorded EGP 781, while the gold ounce price in the global stock exchange recorded 1782 dollars.

He added that 24-carat recorded EGP 893, and 18 –carat is at EGP 670, while the gold pound recorded EGP 6248.

He expected gold prices to increase in the coming period, as a result of the repercussions of the Coronavirus, as states tend to impose partial lockdown, in addition to high rates of inflation as a result of stimulus packages to confront the crisis and the recovery of the global economy.