Supervisor Elham AbolFateh
Editor in Chief Mohamed Wadie

Gold Up, Ounce nears to $2000


Sun 29 Aug 2021 | 05:23 PM
walid Farouk

Gold prices in domestic and international markets continued to rise for the third week in a row, as concerns about the spread of COVID-19 globally and its impact on the Federal bank’s timeline for asset tapering and interest.

The global spot gold rates jumped 2 % to $1,820 an ounce, the highest in recent months.

The head of the general association of the Gold Division at Cairo’s Chamber of Commerce said that Gold spot prices continued on Monday with prices rising for the third consecutive week, and the Gold prices also maintained their upward momentum by rising to 10 pounds, pointing out that Gold edged up 0.2% after hitting a more-than-three-weeks of $1780 earlier in the session. The latest prices also firmed at $1820.

Furthermore, he added that 18-karat was sold at EGP 681, while 24-karat reached EGP 907. Finally, the gold pound was estimated at EGP 6352.

He also expected that the prices of gold will keep rising amid the increasing tensions related to Afghanistan and mixed economic data from major economics and rising virus cases has also lent support.

On the other hand, the head of the Fed said that he might need to adjust that support should the spread of COVID-19's Delta variant impact the economic recovery. Contributed by Ahmed Emam