On Wednesday, gold prices witnessed a sense of instability in local markets driven by the latest unstable prices of the ounces in global exchange.
The continued instability in the performance of ounces prices was due to the expectations of the soon to release Federal economic data about inflation, fiscal policies, and reserves.
The Advisor of Minister of Supply for Gold and Jewelries Sector and the Head of the Economic Committee of the Gold Division in Cairo’s Chamber of Commerce Dr. Nagi Farag said the prices of gold were almost stable in local markets.
He added that the latest price of the ounces was $ 1889, while 21-karat recorded EGP 811.
On the other hand, 24-karat was sold at EGP 927, 18-karat was traded at EGP 695, and gold pound recorded EGP 6488.
It is expected that gold would achieve more gains due to the rise of inflation rates in US, the decline of the US bonds interest gains, and the stability of US dollar.
All mentioned factors may encourage the investors to buy more gold in global exchange.
Contributed by: Rana Atef