Business Hub – Cairo:
Hani Gaied : Gold reaches the highest monthly level in the local and international markets today, and 21 karat records 1065 pounds.
Hani Milad Gaied, head of the General Division of Gold and Jewelery at the General Federation of Chambers of Commerce, said that gold has reached its highest level in the global and local markets in one month.
Milad attributed the rise in global gold prices to a group of variables that the US economy witnessed, as US treasury bond yields fell from their highest levels this week, and the dollar fell ahead of the US jobs report for the month of July, with the escalation of the inflation wave in global markets and the effects of Western economic sanctions on the Russian economy. This pushed the market into a state of confusion, which resulted in a decline in gold prices during the past month, and with the continued state of inflation in the American markets, despite the renewed monetary policy, which included raising interest rates to its highest levels, gold returned to a rise during the past two weeks, reaching the highest monthly level during today’s trading.
Regarding gold prices, Milad said that the global price of an ounce reached 1784 dollars, while the price of 21 grams reached 1065 pounds. The price of 24 carat gran reached 1217, 18 carat recorded 913 pounds, while the price of the gold pound without workmanship, stamp or tax reached 8520.