Gold is expected to have the best weekly performance after two weeks of decline as US Reserve wills to reduce ongoing economic relief measures. At the same time, the US Dollar presented its worst weekly performance since May.
Therefore, the member of the Gold Division at Cairo’s Chamber of Commerce Amir Rizk said that gold prices experience some stability in daily trade as the prices of the ounces reached USD 1828. He added that gold gained its highest profits on Thursday by reaching USD 1832.
He continued that 24-karat recorded EGP 914, while 21 karats were sold at EGP 800, unlike 18-karat that sold at EGP 686 on the other hand, 18-karat was estimated at EGP 686. Regarding gold pound, it reached EGP 6400.
Rizk also expected that the gold will increase its profits during the unclear situation of US economic recovery.
In the same context, gold prices jumped by 1.4% after Jerome Powell’s statements about the US economy recovering and interests profits.
He also highlighted that low-interest income would assist yellow metal’s gains that attract investors.
Contributed by: Rana Atef
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