Gold prices in the local markets continued their downward trend during Tuesday's trading, following a wave of increases at the end of the previous week.
Additionally, the ounce price on the global exchange also declined, approaching the $1900 level due to the rise in the US dollar and US bonds.
Market watchers are also awaiting the release of the minutes from the Federal Reserve's July meeting this week, seeking insights into the central bank's monetary policy direction in the near future.
Saeed Embaby, the CEO of "iSagha," platform stated that gold prices saw a decline of about EGP 45 during today's trading. As of yesterday's closing, 21-karat recorded EGP 2,220, while the ounce dropped by $8, reaching a level of $1,902.
Embaby added that the price of 24-karat preached EGP 2,537, 18-karat stood at EGP 1,903, 14-karat hit EGP 1,480, and a gold pound was priced at EGP 17,760.
Previously, local gold prices saw a decrease of EGP 125 during Monday's trading. The price of 21-karat opened Monday's trading at EGP 2,390 and closed at EGP 2,265.
Meanwhile, the ounce on the global exchange experienced a 3-dollar decrease, starting the week at $1,913 and closing at $1,910.
Embaby noted that gold prices declined following intensive, unidentified source-driven purchasing in recent days, causing prices to fall by around EGP 210 after 21-karat hit its highest level since May, reaching EGP 2,430.
Contributed by Israa Farhan
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