Gold prices jump to seven pounds per gram in Egypt

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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