I Sagha Report: Gold Prices Recorded an Increase of EGP75
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Thursday - 1 September 2022
Gold prices gained in domestic market 75 pounds, with an increase of 7.3% during August 2022, while prices in the global market fell by 3%, as the ounce lost $ 54, extending their decline for the fifth month in a row.
Said Imbabi, a member of the Gold Division of the Cairo Chamber of Commerce, said that gold prices saw some significant fluctuations due to the rise in the dollar during August, when a gram of 21 carat gold recorded 1030 pounds, then touched the level of 1115 pounds and concluded the monthly transactions at the level of 1105 pounds.
He continued, the ounce opened trading at the level of 1764 dollars, and touched the level of 1802 dollars, and ended trading at the level of 1710 dollars, due to the rise in the dollar,
He indicated that the remarks of Federal Reserve Chairman Jerome Powell in his speech at the Central Banks Conference in “Jackson Hole” , is the main cause of rise in dollar and revenues US Treasury bonds, adding that it has a negative impact on prices of gold.
In the same context, he noted that the recent increase of gold demand and the exchange rate of the dollar against the Egyptian pound in the black market has led to a surge in gold prices in the domestic market.
The member of the Gold Division of the Cairo Chamber of Commerc also revealed that the 24-karat gold reached EGP 1261, 18-karat was registered at EGP 927, 14-karat gold is sold at EGP 736, and the gold pound hit EGP 8824.
On Thursday, the Monetary Policy Committee (MPC) decided to keep the Central Bank of Egypt’s (CBE) interest rates unchanged for the second time in a row during the first meeting led by the acting Governor of the central bank Hassan Abdalla.
The overnight deposit rate, overnight lending rate, and the rate of the main operation were kept on hold at 11.25 percent, 12.25 percent, and 11.75 percent, respectively. The discount rate was also kept unchanged at 11.75 percent.
