Gold hit a new high in Egypt late Tuesday evening as the 21-carat gram, the most common in Egypt, sold at 1,660 pounds, up 10 pounds.
According to Amir Rizk, a gold expert and one of the owners of gold stores, the price of a gram of 21 carat gold reached 1660 pounds, an increase of 10 pounds, while the price of a gram of 24 carat gold increased by 12 pounds, fixing 1897 pounds, while the price of a gram of 18 carat gold reached 1423 pounds, recording an increase. Its value is 10 pounds.
The pound of gold recorded an increase of 80 pounds to 13,280 pounds, while the price of an ounce fell worldwide to a record $1,820, or $3.
Amir Rizk, a gold expert, predicted a decline in gold prices in the coming period for a number of reasons, the most important of which is the expectation that the US Federal Reserve will raise interest rates at its next meeting, which will encourage investors to invest in the dollar as an alternative to investing. into gold.
He explained that the second reason is related to the fact that a number of banks offer certificates of deposit with high yields, which will encourage investing in banks rather than investing in gold.
Source: Cairo 24