Gold prices in the local market rose by about EGP 10/gm at the beginning of trading today. This came after a price rise in global stock exchanges by about $22 an ounce to reach $1607. A 21 caliber gram recorded EGP 702.
Nady Naguib, member of the Gold Division at the Cairo Chamber of Commerce, said that gold prices rose by 1% on Monday, as a result of speculation that the US Federal Reserve will reduce interest rates on the dollar to curb the impact of the Coronavirus.
He explained that the price of an ounce of gold on the world stock exchange recorded $1607.
In the domestic market, the 24 caliber gram recorded EGP 802, the 18 caliber gram recorded EGP 602, and the gold pound recorded EGP 5616.
Gold saw a decline at the end of last week by about 4.5%, as the local gram lost EGP 32 in a week.
Naguib explained that the decline in gold was the result of profit-making and some investors liquidating gold savings.
He expected gold prices to rise to new highs, due to the spread of the coronavirus and its negative impact on the global economy.
