Gold Shines in Egypt Amid Rise in Global Prices

Gold prices in the Egyptian market rose slightly during Wednesday's trading, supported by the rise in the prices of yellow metal globally.

Nady Naguib, the secretary of the gold pision at the Federation of Egyptian Chambers of Commerce (FEDCOC) said that the gram of gold rose during today's trading by EGP 1 compared to yesterday's prices.

Naguib attributed the rise of gold prices in the local market to the rise of the yellow metal in the global stock market, in conjunction with international anticipation among investors on the Brexit deal.

The Secretary of the Gold Division said that the 21 karats recorded EGP 672 per gram, while the 18 karats recorded EGP 572, the 24 karats EGP 772, and the 8g gold coin recorded about EGP 5,450.

[caption id="attachment_85249" align="aligncenter" width="630"] International gold at 6-yr high[/caption]

The precious metal futures rose about $ 2 to reach $ 1,485 an ounce, while the price of the spot delivery stood at $ 1,481.

Chief of Precious Metals Analyst at HSBC James Steel predicted that gold would reach $ 1,555 an ounce by the end of the year, touching $ 1, 605 by the end of 2020, citing supportive factors such as global monetary easing and geopolitical risks.

Meanwhile, the dollar index, which tracks the performance of the greenback against a basket of six currencies stood at 98.36 points.