Gold prices in Egypt rise by 13 Egyptian pounds per gram

Gold prices in Egypt rose on Saturday by around 13 Egyptian pounds ($0.79), boosted by rising global markets.

The price of 21-carat gold (the most popular in the local market) stands at 705 pounds, while 18-carat gold increased by 9 pounds at 604 pounds and 24-carat gold has risen by 11 pounds, now at 806 pounds.

Member of the Gold Division at the Cairo Chamber of Commerce Amir Rizq explained that the rise in the local market follows the global increase in gold prices as a result of the trade war between the United States and China, especially after China announced converting its dollar reserves, estimated at US$12 trillion, into gold.

In statements to Al-Masry Al-Youm, Rizq said that it’s this madness that has recently affected the prices of gold, and is expected to continue in the coming days.

He explained that the price of an ounce is currently $1,527 dollars, compared to $1,495.97 before the increase, amid expectations that the price will reach $1,700 within two months.

Rizq added that the local market is suffering from a severe recession, and solutions that seek to produce new standards have failed, as happened with 14-carat gold which was produced locally and failed to become as popular as the 21-carat gold, which currently dominates the trade.

Globally, gold prices rose last week by two percent, after US Federal Reserve Chairman Jerome Powell’s speech at the Jackson Hole seminar was tending toward a softening monetary policy stance, while U.S. President Donald Trump’s latest comments exacerbated business tensions with China.

Source: Al-Masry Al-Youm