Supervisor Elham AbolFateh
Editor in Chief Mohamed Wadie

Domestic Gold Markets Still Unstable, 21-Karat Hits EGP 1715

Gold Prices, gold

Sat 04 Feb 2023 | 08:43 PM
Walid Farouk

Gold prices continued declining in domestic markets, on Saturday, the weekly day off for global markets.

Globally, gold prices sharply fell, on Friday, by 2.8% due to the rise of US dollar and US bonds interests rates. This could be a sign of the US Federal Reserve intention of increasing the interest rates.

Saied Embabi, CEO of Isagha platform, said that gold prices fell by EGP 5, locally, today.

21-karat hit EGP 1715, 24-karat recorded EGP 1960, 18-karat was sold at EGP 1470, and 14-karat was estimated at EGP 1144. The gold pound recorded EGP 13720.

On the other hand, the gold ounce was sold at $1864.

Embabi revealed that gold prices witnessed slight decline, on the other hand, there was a sharp decline in gold prices globally which means the presence of a huge gap between the gold prices globally, and domestically due to market manipulation in the local market.

He added that the latest positive data of the US economy negatively impact the gold prices. The rates of unemployment fell to 3.4%, and the employment rate after the addition of new jobs.

Contributed by: Rana Atef