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Gold prices in the local markets increased during Monday’s trading session due to a rise in the ounce price on the global exchange.
Expectations of interest rate cuts supported this while markets awaited the speech by the US Federal Reserve Chairman, as reported by Sada El Balad.
Saeed Imbaby, the executive director of the “iSagha” platform for gold and jewelry online trading, mentioned that gold prices rose by EGP 5 in the local markets during today’s trading.
The price of a gram of 21-karat gold reached EGP 3250, while an ounce rose to $2418.
He also stated that a gram of 24-karat gold reached EGP 3714, a gram of 18-karat gold was about EGP 2786, a gram of 14-karat gold recorded about EGP 2167, and a pound of gold was around EGP 26000.
