Gold prices in Egypt rise to unprecedented levels

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Gold prices continue to rise in Egypt, affected by the rise in the ounce of gold globally, which crossed 1,900 dollars, in the wake of the US Federal Reserve’s decision to raise interest rates by 0.5%.

The price of a gram of gold increased by about 90 pounds or more, bringing the price of a gram of 18-karat gold to 1,041 pounds, a gram of 21-karat gold to 1,215 pounds, and a gram of 24-karat gold to 1,388 pounds.

A member of the Gold Division, Nadi Naguib, described the rise in gold prices as crazy and historical. Experts and bankers expect that the Central Bank of Egypt will raise the interest rate by 1% on average at the Monetary Policy Committee’s meeting scheduled for May 19. On March 21, the bank raised the interest rate by 1% on deposits and lending to reach 9.25% and 10.25%, respectively, following the US Federal Reserve’s decision to increase interest rates by 0.25%.