Gold prices declined, domestically, by 0.5 % last week, following a decline in gold ounce prices in international exchange markets by 1.5% after the latest declining speculations about US Fed Reserves to lower the interest rates.
Saied Embabi, the executive director of Isagha Platform, said that gold prices jumped in domestic markets by EGP 15 last week.
Embabi added that the gram of 21-karat opened the weekly transaction at EGP 3100, and closed at EGP 3085, while the price of the gold ounce declined by $36 to close the weekly transaction at $2337.
In addition, the gram of 24-karat recorded EGP 3526, 18-karat estimated at EGP 2644, and 14-karat reached EGP 2301.
The gold pound recorded EGP 24680.
In the same context, Bank of America expected that the US Fed could start to lower the interest rates in December, in addition, it will be followed by several declining moves by 0.25 points in 2025.
Contributed by: Rana Atef
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