Arab Finance: Gold prices in Egypt continued their upward trend on Wednesday, August 12, as investors closely monitored global markets ahead of the release of key US inflation data.
The local 21-karat gold jumped to EGP 6,340.5 for buying and EGP 6,251.5 for selling, according to Dahab Masr data at 9:05 AM.
Likewise, the 24-karat gold increased EGP 7,245.56 for purchase and EGP 7,143.86 for sale.
Globally, the international ounce hit $4,391.3 for buying and $4,387.7 for selling.
The gains came as traders cautiously positioned themselves ahead of the US Consumer Price Index (CPI) report, a key indicator that could influence expectations for the Federal Reserve’s monetary policy and, consequently, global gold prices.
