Surprise jump to gold prices in Egypt .. And the walk climbs 16 pounds



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01:26 PM

Thursday 20 June

I wrote – Sherine Salah:

Gold prices rose Thursday at 16 pounds per gram compared to yesterday's levels, Najib's secretary general told the Cairo Chamber of Commerce.

Najib said the price of a 21 gauge gram rose to 647 pounds during the day from 631 pounds yesterday.

The price of a 18-carat grass today rose to 555 pounds, the price of grass from 24 to 739 pounds and the price of gold to pounds 5176 pounds.

Overall, gold prices rose 2 percent to their highest level in more than five years on Thursday after the Federal Reserve suggested a possible cut in interest rates later this year, prompting the dollar to tumble and bonds of the US Treasury to fall, Reuters reported.

Spot gold rose 1.7 percent to $ 1,382.70 an ounce at 0657 GMT after peaking at its highest level since March 17, 2014 at $ 1,386.38 an ounce.

Gold on the US futures market rose 2.8 percent to $ 1,386.30 an ounce after reaching its highest level since April 2018 at $ 1,397.70 an ounce.

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