Gold Prices Decline Internationally by 3.2% in Week

Gold prices declined, internationally, by 3.2 ($66) last week, recording $2005, after the release of the US labor data which motivates the US Federal Reserve to continue its restricted monetary policies.

Regarding the performance of gold in domestic markets, Saied Embabi, the Executive Director of Isagha platform, said that gold prices, domestically, jumped by EGP 15, on Saturday.

Embabi added that the gram of 21-karat recorded EGO 2795, continuing that the gram of 24-karat recorded EGP 3194, 18-karat hit EGP 2396, and 14-karat reached EGP 1864. The gold pound estimated EGP 22360.

The latest decline in the gold, internationally, is the first weekly decline in the last 4 weeks due to the rise in the US dollar.

Last Monday, the gold hit a record by reaching $2152 for the ounce.

In the same context, 199,000 jobs were added in November, according to the latest US labor data, which helped in downgrading the unemployment rate from 3.9 to 3.7.

Average hourly earnings increased to 4.0% year-on-year.

The labor data is one of the most valuable indicators for the decline of the inflation which motivates the US Fed to continue its policies to reach their inflation rate goal, dropping it to 2%.

Contributed by: Rana Atef