Gold Prices Fall by EGP 45 in Week, Says Division

Gold prices fell by 2.6% in a week, meanwhile, the prices of the gold ounce declined by 3.3% after the rise of the US dollar, and the revenues of US bonds. These factors supported the possibility of a new rise in interest rates by the US Federal Reserve next March.

Last week, US Federal Reserve increased the interest rates by 25 points, followed by a 50-increase in the interest rates by the EU Bank and Bank of England. On the other hand, the Central Bank of Egypt kept the interest rates without any changes.

Eid Youssef, the head of the Gold Division of Monofia, said that the gold fell by EGP 45, locally in a week.

Youssef added that 21-karat started the transaction at EGP 1750, and fell to EGP 1705.

In the same context, the gold ounce declined by $63 in international markets. The gold ounce opened the transaction at $1928, and closed at $1865.

He added that 24-karat recorded EGP 1949, 18-karat hit EGP 1462, and 14-karat was sold at EGP 1137.

The gold pound hit EGP 13640

Contributed by: Rana Atef