2023-10-23 19:15:00
10:15 PM Monday, October 23, 2023
Written by: Sherine Salah:
Gold prices in the local market witnessed significant increases during the last 17 days, with the outbreak of military operations between the Israeli occupation forces and the Palestinian resistance in the Gaza Strip, so that the price of a gram of 21 carat jumped by about 318 pounds.
The price of a gram of 21 carat gold today, Monday, was about 2,470 pounds, compared to 2,152 pounds on Friday evening, October 6, before the start of these operations.
This coincides with a jump in the price of the yellow metal on global stock exchanges during the same period by about $145, bringing the price of an ounce to about $1,978 at midday trading on Monday, compared to $1,833 at the end of trading on Friday, October 6, according to Bloomberg data.
Traders who spoke to Masrawy earlier attributed the rise in gold prices on global stock exchanges to the current tensions in the Middle East region and fears of their expansion, which was subsequently reflected in the increase in the prices of the yellow metal in Egypt.
International gold prices are one of the most important factors for pricing it in Egypt, along with the price of the dollar against the pound, and this sometimes includes supply and demand in the local market for gold.
In the following interactive graph, Masrawy explains the increase in the price of a gram in Egypt, as well as the price of an ounce of gold on international stock exchanges since the start of military operations in Gaza until today, as follows:
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