Egyptian gold jewelries - Egypt Today/ Samar Samir
CAIRO - 13 March 2023: Gold prices rose in the local markets during Monday’s trading in light of the rise of the ounce on the global stock market by 1 percent, to record its highest level in more than five weeks, due to the decline of the dollar, as fears of the collapse of the “Silicon Valley Bank” prompted investors to gold as a safe haven, according to “iSagha” platform for trading gold and jewelry via the Internet.
It noted that the US officials intervened to curb the financial repercussions of the bankruptcy of Silicon Valley Bank, saying that all depositors will be able to dispose of their deposits, starting today, Monday.
Saeed Imbaby, executive director of the “iSagha” platform for trading gold and jewelry via the Internet, said that gold prices rose by LE 25 in the local markets during today’s trading, as a gram of 21 carat gold recorded the level of LE 1890 pounds, while an ounce recorded the level of $1888.
He added that a gram of 24 karat gold recorded LE 2,160, a gram of 18 carat gold recorded about LE 1,620, a gram of 14 carat gold recorded about LE 1,260, while a pound of gold recorded about LE 15,120.
Gold prices rose in the local markets by LE 35, by 1.9 percent during last week’s trading, as a gram of 21 carat gold opened trading at LE 1,830, and closed at LE 1,865, while an ounce ended the week’s trading with an increase of 0.7 percent, with a value of $13, as it opened the week's trading at the $1,855 level, and closed the trading at the $1,868 level.
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