Omicron COVID-19 Variant Causes Instability in Gold Markets

Currently, all local and world markets see unstable performance of prices due to the outbreak Omicron strain, alongside US Federal Reserve intention of rising interest rates.

Hany Milad, the head of the Gold Division at the Federation of Egyptian Chambers of Commerce, said that there is fluctuation in gold prices today as 21-karat increased by EGP 4 to record EGP 789 due to the decline in US bonds interests, and the rise of concerns over Omicron COVID-19 variant.

Milad added that gold prices declined by EGP 7 yesterday after the statements of US Federal Reserve chairman Jerome Powell about increasing the US interest rates, and lifting economic stimulations measures.

He concluded that the price of the gold ounce reached $ 1786 in global exchange, on the other hand, gold prices in the local markets hit EGP 898 for 24-karat, EGP 674 for 18-karat, and EGP 6288 for the gold pound

Contributed by Rana Atef