Gold prices in Egypt continued their rise in the local market, with anticipation of a new move in the exchange rate, while global prices are still on the downward path, with expectations of the Fed completing the interest rate hike.
Gold prices rose in the Egyptian market by 15 pounds, reaching levels of 2325 pounds for 21 karat, 2657 pounds for 24 karat, and 2435 pounds for 22 karat.
The price of the gold pound rose to 18,600 pounds, compared to 17,200 pounds last week.
The rise in gold prices in the local market came after movements in the price of the dollar in the parallel market and a sudden rise to the highest levels of 40 pounds, despite the stability of the price of the dollar in the Central Bank and banks at levels of 30.95 pounds.
Despite the rise in the local price of gold in Egypt, global gold prices tended to decline, as the price of an ounce opened in spot trading at 1910 levels, down by 0.08%.