Gold prices jump to seven pounds per gram in Egypt

Gold prices rose in the Egyptian market during trading on Wednesday by around seven Egyptian pounds, boosted by rising global markets as investors await Federal Reserve Chairman Janet Yellen’s semi-annual testimony to Congress over the next two days.

Ehab Wassef, head of the Gold Division at the General Union of Chambers of Commerce, said the price of 21-carat gold stands at 618 pounds, 18-carat gold at 529.7 pounds, and 24-carat gold at 706.25 pounds.

Future international gold delivery contracts for August increased by an added $3.87, or 0.32 percent, to trade at $ 1,218.57 an ounce.

Future contracts for silver were up about 7 cents, or 0.46 percent, at $ 15.818 an ounce. Source: MENA