Gold Experience Instability in Week, 21-Karat Records EGP 770

Last week, gold prices experienced instability in local markets due to the changes in gold prices in the world exchange.

This instability was caused by several reasons, such as US Federal Reserve hints of raising the interest rates and lifting the economic stimulation package, the decline of the US dollar, and the crisis of the Chinese Ever Grand.

Hany Milad, the Head of the General Division of Gold at the Federation of Egyptian Chambers of Commerce, said that 21-karat reached EGP 780 at the beginning of the week after the gold ounces recorded USD 1754. However, the prices of 21-karat declined to EGP 770 as the gold ounces prices dropped to USD 1747.

On the other hand, 24-karat was sold at EGP 889, while 18-karat was estimated at EGP 660. Regarding the gold pound, it reached EGP 6160.

Finally, Milad expected more instability in gold prices due to the unclear rates of the world economy’s recovery and the future of the US Federal Reserve Policies.

Contributed by Rana Atef