Gold prices in the global stock market rose by 1.6%, or $33, during the trading week ending on Friday evening, supported by a drop in dollar value, after it reached its lowest levels in about five months, after data showed a slowdown in annual inflation in the United States last November, which boosted expectations that the Federal Reserve would cut interest rates next March.
CEO of the iSagha platform for trading gold and jewellery online, Saeed Embabi, said that gold prices jumped in local markets by about EGP 15 during Saturday’s trading compared to the end of Friday’s trading, so that the price of a 21k gram was around EGP 3,045, coinciding with the weekly holiday on the global stock market after it closed on Friday at $2053.
He added that a gram of 24-karat gold was EGP 3,480, while a gram of 18-karat gold was EGP 2,610, a gram of 14-karat gold was about EGP 2,030, and a pound of gold was about EGP 24,360.
Gold prices increased by EGP 30 in local markets during Friday’s trading, as the price of a gram of 21 karat gold started trading at EGP 3,000, reached EGP 3,050, and ended trading at EGP 3,030, while an ounce fell by about 21 dollars, as it started transactions at $2,032, and ended transactions at $2,053.
