Sharp Decline in Gold Prices, 21 Karat Gold Records EGP 1720

Gold prices in the local markets continue to decline during trading today, Wednesday, after a wave of sharp declines during trading yesterday, Tuesday, due to a state of price manipulation, which prompted some companies to suspend pricing and stop buying and selling operations.

However, the ounce on the global stock exchange witnessed limited rises despite the high rate exchange of the US dollar, amid market anticipation of the US Federal Reserve meeting on the 13th and 14th of this month, to determine the fate of interest rates.

And US Federal Reserve Chairman Jerome Powell had said in previous statements, “It may be appropriate for the US central bank to slow down the pace of tightening in December,” while growing fears of recession play a role in supporting gold as a safe haven, even with continued interest rate hikes.

For his part, Saeed Imbaby, executive director of the “iSagha” platform for trading gold and jewelry via the Internet, said that gold prices fell by 50 pounds during today’s trading, compared to the end of yesterday’s trading, as a gram of 21 karat gold recorded a level of 1720 pounds, while gold prices rose in the markets. to the level of $1772.

Imbaby added that a gram of 24 karat gold recorded 1966 pounds, 18 karat recorded 1474 pounds, and 14 karat recorded 1147 pounds, and the price of a gold pound reached 13760 pounds.

He pointed out that gold prices in the local markets witnessed, during yesterday’s trading, a wave of sharp declines, which recorded 80 pounds, after a gram of 21 karat gold recorded the level of 1850 pounds, and the screens were suspended for a period, then retreated to the level of 1770 pounds.

Translated by Ahmed Moamar