Who Is Controlling Gold Price Movements in Egypt?

Gold prices rose in the local market during trading on Monday by about LE75, boosted by rising global markets and the value of the dollar as people await the US Federal Reserve meeting next May to determine the fate of interest rates.

Saeed Imbaby, executive director of the “i Sagha” platform for trading gold and jewelry via the Internet, said that gold prices rose by 75 pounds in the local markets during today’s trading, compared to the end of trading last Saturday evening, as 21k gold sold at 2350EGP, while international ounce stands at 2008$.

He added that 24k gold reached 2685EGP, 18k sold at 2015EGP, 14k at 1567EGP, and gold pound at 18800EGP.

Imbaby indicated that there are strange movements in the gold markets, as prices rose on Sunday, despite the weekly holiday in the global and local markets, which confirms the desire of some to move prices to new levels and achieve imaginary profits, exploiting the strong desire of investors to buy gold to maintain their capital vis a vis risk.

He added that the concept of “supply and demand” is the pretext for increasing gold prices to these historical levels.