Tuesday, April 23, 2024
Today's News
Tuesday, April 23, 2024
Today's News

Egypt Gold prices hike by 4% in single day: Jewellery Trade Division

Egypt Gold prices hike by 4% in single day: Jewellery Trade Division

The gold cost of 21-karat in Egypt videotaped a 4 per cent rise by EGP 80 in a single day, getting to EGP 2,050 per gram on Thursday evening, up from EGP 1,970 signed up a day earlier, according to the Egyptian Gold and Jewellery Trade Department of the Egyptian Federation of Egyptian Chambers of Business (EGAJTD).

The 24-karat gram was priced at EGP 2,343 on Thursday after signing up EGP 2,251 the previous day, while the 18-karat gram leapt from EGP 1,706 to EGP 1,767, according to the EGAJTD.

On the other hand, the gold pound was valued at EGP 16,400 on Thursday after being valued at EGP 15,760 the previous day.

Worldwide, according to the EGAJTD, the gold ounce tape-recorded a $51 boost, valued at $2,001 on Thursday, up from $1,950 yesterday.

It deserves keeping in mind that the EGAJTD is not responsible for pricing and surveillance in the local market however only announces the rates at which gold is traded.

Today’s boost in gold costs in Egypt comes a day after the US Federal Reserve introduced that its benchmark interest rate would climb another quarter of a percentage indicate a range of 4.75 percent to 5 per cent– the highest level considering that 2007.

On the various other hand, the second conference of the Central Bank of Egypt (CBE) in 2023 is readied to be held at the end of March to review the fate of exchange rates as well as rates of interest in local financial institutions after rising cost of living prices in Egypt reached record high degrees.

In 2022, Egypt hiked its key rate of interest by 8 percentage points (800 bps) as a crucial device to tame accelerated inflation.

Last Updated: 24 March 2023

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