Gold prices stabilized in the domestic markets this week, however, they declined by 0.9% globally this week, recording its fall for the second week in a row.
The prices of gold were impacted by the concerns over the central banks’ intention of increasing the rates of interest to resist inflation.
Saied Embabi, the CEO of Isagha, said that the gold ounces recorded $1841 at the beginning of the week, and reached $1825 by its end after they were supported by Friday’s sales raising the gold prices up by 0.1% to jump from $1816 to $1825 due to the decline of the US dollar.
He also pointed out that gold markets were stable through the week as 21-karat hit EGP 1005 on Monday, and reached EGP 1006 on Saturday.
In addition, 24-karat was registered EGP 1149, 21-karat was sold at EGP 1005, 18-karat was estimated at EGP 18, and the gold pound was recorded EGP 8040.
Embabi said that gold witnessed stability in local markets after the newly imposed decision by the Central Bank of Egypt of keeping interest rates without change.
Therefore, he expected that the sales of gold will increase due to the soon start of the season of marriages, celebrations, and fests.
Contributed by: Rana Atef
Follow the latest news on Google News
