Gold prices in Egypt have recorded record highs since the price of the dollar rose against the pound, and the price per gram gained 130 pounds.
Amir Rizk, a gold expert, said the price of a gram of gold has risen by 130 pounds in about 72 hours, since the dollar rose against the pound, as the dollar topped 24 pounds.
Rizk added that the price of a gram of 21 carat gold has increased since the dollar rose to £130 against the pound last Thursday, as the price of a gram was £1,100 and then rose to £1,230. , the current price in the markets and at jewelers.
He explained that the price of a gram of 24 carat gold increased from £1,266 to £1,406 in about 72 hours, rising to £140, while the price of a gram of 18 carat gold increased by £110, where it was £950, and then went up to 1060 pounds.
He explained that the price of a pound of gold had increased by 1,000 pounds, as the price of a pound of gold was 8,900 pounds, and now it is 9,840 pounds in the markets.
Rizk advised against buying gold except as necessary in light of the current market turmoil and anticipation following the November 19 US Federal Reserve decision that is expected to raise interest rates by 75 bps, causing investors to gravitate towards the dollar and dollar. The price of gold will fall by about $100 an ounce, indicating that prices in the Egyptian market are exaggerated and some traders are exploiting the consumer.
Source: Cairo 24