File Photo: A shop window of jewellery store in one of the streets of Cairo, Egypt. Al-Ahram
The 24-karat gram was priced at EGP 2,343 on Thursday after registering EGP 2,251 the previous day, while the 18-karat gram jumped from EGP 1,706 to EGP 1,767, according to the EGAJTD.
Meanwhile, the gold pound was priced at EGP 16,400 on Thursday after being valued at EGP 15,760 the previous day.
Internationally, according to the EGAJTD, the gold ounce recorded a $51 increase, priced at $2,001 on Thursday, up from $1,950 yesterday.
It is worth noting that the EGAJTD is not responsible for pricing and monitoring in the local market but only announces the prices at which gold is traded.
Today’s increase in gold prices in Egypt comes a day after the US Federal Reserve announced that its benchmark interest rate would rise another quarter of a percentage point to a range of 4.75 per cent to 5 per cent – the highest level since 2007.
On the other hand, the second meeting of the Central Bank of Egypt (CBE) in 2023 is set to be held at the end of March to discuss the fate of exchange rates and interest rates in local banks after inflation rates in Egypt reached record high levels.
In 2022, Egypt hiked its key interest rates by eight percentage points (800 bps) as a key tool to tame accelerated inflation.