Gold Prices Show 0.2% Increase In Local Market Over One Week: Isagha
Date
6/23/2024 11:12:52 PM
(MENAFN- Daily News Egypt) Gold prices in local markets recorded a 0.2% increase during the week ending last Saturday evening. In contrast, global gold prices experienced a slight decline of 0.6% during the week ending last Friday. This global decrease was influenced by several factors such as the strengthening dollar and rising Treasury yields, amidst mixed economic data and the US federal Reserve's interest rate expectations.
Embaby, the CEO of iSagha-an online platform for trading gold and jewelry-highlighted that local gold prices rose by EGP 5 over the past week. Specifically, the price of 21k gold opened at EGP 3,140 per gram and closed at EGP 3,145. Meanwhile, global gold prices fluctuated, opening at $2,333 per ounce, dropping to $2,307, then rising to $2,368, and finally closing at $2,320.
Other gold categories also saw price variations:
24-karat gold was priced at EGP 3,594 per gram.
18-karat gold was priced at EGP 2,696 per gram.
14-karat gold was approximately EGP 2,097 per gram.
The gold sovereign commanded a price of around EGP 25,160.
On Saturday, gold prices increased by EGP 10. The price of 21-karat gold opened at EGP 3,135 per gram and closed at EGP 3,145, aligning with the global market's weekend break.
Embaby emphasized that the export of raw gold continues to dominate local markets, despite sluggish sales. This sustained demand contributes to the gradual rise in prices, even as the global market faces fluctuations.
Additionally, the rising exchange rate of the dollar in the parallel market is expected to impact local prices at the start of the trading week on Monday. The dollar exchange rate reached approximately EGP 48.80 after the Eid al-Adha holiday.
Notably, gold prices fell on Friday following their highest weekly level on Thursday. This decline coincided with the release of the US Purchasing Managers' Index (PMI) data, which indicated an increase. The uncertainty surrounding the Federal Reserve's future interest rate decisions has been fueled by mixed statements from officials. While some suggest a potential rate cut by year-end, others emphasize the need for further measures.
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