[XAU/EGP] Gold Prices Skyrocket in Egypt Amid U.S. Federal Reserve’s Decision to Hold Interest Rates Steady, Friday, September 22, 2023
In an unanticipated market shift, the price of gold in Egypt saw a significant upswing on Friday, September 22, 2023. This surge is attributed to the U.S. Federal Reserve’s announcement on Thursday, where it opted to keep interest rates unchanged.
The economic impact was swift, driving the value of gold across various measurements upward. Specifically, the price of 21-carat gold, a commonly traded type in Egypt, rose by about 10 Egyptian pounds, now standing at 2,220 pounds for sale and 2,200 pounds for purchase. The upward trend was observed across all gold carats, making it a widespread market development.
Moreover, the price per Egyptian gold pound saw an increment of roughly 80 pounds, settling at 17,760 pounds for sale and 17,600 pounds for purchase.
Gold Prices in Egypt on September 22, 2023
| Gold Karat | Selling Price (EGP) | Buying Price (EGP) | Price Increase (EGP) |
|---|---|---|---|
| 24-Karat | 2537.25 | 2514.25 | 11.5 |
| 22-Karat | 2325.75 | 2304.75 | 10.5 |
| 21-Karat | 2220 | 2200 | 10 |
| 18-Karat | 1902.75 | 1885.75 | 8.5 |
| 14-Karat | 1480 | 1466.75 | 6.75 |
| 12-Karat | 1268.5 | 1257.25 | 5.75 |
| 9-Karat | 951.5 | 942.75 | 4.25 |
| Gold Pound | 17760 | 17600 | 80 |
The Federal Reserve’s choice to hold interest rates has wider implications, not only for the U.S. but also for global commodities like gold. Market analysts suggest that this price surge might be an indication of growing investor uncertainty and a harbinger for further fluctuations in the commodities market.
