Gold Prices Increase, 21-Karat at EGP 3250

Gold prices in the local markets rose during Monday's trading session, following an increase in the ounce price on the global exchange, supported by bets on interest rate cuts, as markets await the US Federal Reserve Chairman's speech today.

Saeed Imbaby, executive director of the “iSagha” platform for gold and jewelry online trading, said that gold prices witnessed an increase by EGP 5 in the local markets during today’s trading, as a gram of 21 karat gold recorded EGP 3250, while an ounce rose to $2418.

He added that a gram of 24-karat gold recorded EGP 3714, a gram of 18-karat gold recorded about EGP 2786, a gram of 14-karat gold recorded about EGP 2167 and a pound of gold recorded about EGP 26000.