Gold prices in Egypt recorded a new rise after decisions The US Federal Reserve will raise interest rates half a percentage point.
The rise in gold prices in Egypt coincides with the rise in global prices in trading today, Thursday, after the US Central Bank’s decision.
And gold rose in immediate transactions 0.9% to $ 1898.06 an ounce, after rising by 1% earlier in the session.
In the Egyptian market, the price of 24 karat gold rose today, Thursday, to about 1332 pounds, while the price of 21 karat gold recorded about 1165 pounds.
As for the price of 18 karat gold, it recorded 999 pounds.
Average prices witnessed an increase of about 18 pounds after the decision to raise interest rates in America.
On Wednesday, the Federal Reserve raised its key interest rate by half a percentage point, the most aggressive step yet in its battle against rising inflation.
Along with the price hike, the central bank has indicated that it will start reducing asset holdings on its $9 trillion balance sheet. The Fed was buying bonds to keep interest rates low and money flowing through the economy, but the rate hike necessitated a dramatic rethink of monetary policy.
The Fed stated that COVID-19-related shutdowns in China are likely to exacerbate supply chain problems, in addition to Russia’s invasion of Ukraine causing enormous humanitarian and economic hardship.