Gold prices in Egypt recorded a significant increase during Wednesday’s evening trading after the US Federal Reserve expected to raise interest rates at lower rates than before.
A gram of 21 carat gold was £1,365, up £33 from morning trading, while a gold pound was worth £10,920, up £260.
Amir Rizk, gold expert, said in an exclusive statement to Cairo 24 that the price of a gram of gold recorded a significant increase in Egypt and also recorded a global increase of $8 per ounce as the price of a gram of 21 carat gold recorded a value of 1,365 pounds. after it hit £1,332. In morning trading, it posted a significant gain following the US Federal Reserve’s report that was released recently. recorded 1522 pounds, while the price of a gram of 18 carat gold fixed a value of 1170 pounds, after recording 1142 in morning transactions, reaching an increase of 28 pounds in the price of the gram.
And the price of a pound of gold recorded significant gains, as the price of a pound of gold in Egypt was 10,920 pounds after it fixed the price at 10,660 pounds in morning trading, reaching an increase of 260 pounds 1742, to 8 dollars.
Amir Rizk, a gold expert, expected the price of a gram of gold in Egypt to rise in the coming period due to the intensity of demand for it and increased investor interest in investing in it. The dollar encourages investors to invest in gold as a safe haven and as an alternative to investing in dollars.
Last Wednesday evening, the US Federal Reserve expected a small interest rate hike during its meeting next December as Federal Reserve officials agreed that a small interest rate hike should come soon as they assess the impact of the monetary credit policy (raising interest rates) on the economy, according to the minutes of the meeting, released on Wednesday.
The summing up of today’s meeting of the US Federal Reserve, reflecting the comments of a number of officials over the past few weeks, indicates a slight increase in interest rates at the upcoming meetings.
It was hinted at the meeting that markets are widely expecting the rate-setting Federal Open Market Committee to step down before a 0.5 percentage point hike in December, following four consecutive 0.75 percentage point increases.
Source: Cairo 24