Gold Prices Decline in Local Markets, 21-Karat at 2200 EGP

Gold prices experienced a marginal decline in local markets during Tuesday's trading, alongside a decrease in global ounce rates due to a stronger US dollar.

The uncertainty surrounding the upcoming Federal Reserve decision on interest rates, amid conflicting statements from the central bank's leadership regarding a continued strict monetary policy, along with negative economic data indicating the weakness of the US economy, contributed to the market fluctuations.

Saeed Embabi, the Executive Director of the "iSagha" online gold and jewelry trading platform, stated that gold prices fell by around EGP 5 in local markets during Tuesday's trading compared to the previous day's closing.

The 21-karat gold gram reached the level of EGP 2200. Simultaneously, the global ounce rate decreased to $1931.

Emjabi further noted that the 24-karat gold gram price reached EGP 2514, the 18-karat gold gram price reached EGP 1886, the 14-karat gold gram price reached EGP 1467, and the gold pound price settled at EGP 17600.

Yesterday, gold prices experienced a decline of approximately 15 Egyptian pounds in local markets.

The 21-karat started trading at EGP 2220 and concluded at EGP 2205. Additionally, the global ounce rate dropped by 1.3%, equivalent to $20, as it began trading at $1940 and closed at $1939.

Contributed by Israa farhan