Egypt… stop posting gold prices

The gold division in Egypt has decided to stop posting price changes due to consistent price increases.

The Gold & Jewelery Division’s official Facebook page states: “Over the past two days, the markets have seen an acceleration in price action, making it impossible to display trading prices on our page, which needs to be mentioned. “

The gold trade has witnessed, according to a Gold Division statement, a marked rise in prices in recent days, as the price of a gram of 24 carat gold was 1,600 Egyptian pounds and the price of a gram of 21 carat gold reached 1,400 pounds. , and the price of a gram of 14-karat gold reached 936 pounds, and Egyptian pounds – 936. The cost of a gold pound is 11,200 pounds.

Gold prices are projected to be affected globally in the coming period due to the magnitude of the US interest rate hike, and last September the Federal Open Market Committee of the US Central Bank estimated that the target interest rate band would be reached from 4. 5% to 4.75% in 2023, but Federal Reserve (Central Bank) chief Jerome Powell, in his press conference after the rate hike in early November, cited high inflation and a very tight labor market to suggest that the final level of interest rates will be higher than previously expected, i.e. as a result, it can exceed 5%.

Source: RT