Gold Prices Slightly Decline After Domestic Demand Falls

Gold prices slightly declined today, domestically, followed the fall in gold ounces internationally due to the stability of USD, and the rise in US Treasury bond revenues.

Saied Embabi, the executive director of Isagha, said that the gold prices declined by EGP 5 in domestic markets. The gram of 21-karat recorded EGP 3135. While, the gold ounce recorded $2319 in the global markets.

Embabi added that the gram of 24-karat hit EGP 3583, 18-karat recorded EGP 2687, and 14-karat estimated at EGP 2090. The gold pound reached EGP 25080.

Embabi explained that gold prices declined in domestic markets due to the fall in demand during Al Adha Fest holidays. On the other hand, the gold fell, internationally, after the US Fed continued its monetary restrictions without teasing a decline in the US interest rates.

In the same context, the Producer Price Index (PPI) proved a decline in the US inflation rates, and the intention of decreasing the US interest rates despite the statements of the US Fed chairman.

US Fed kept the interest rates unchanged between 5.25% and 5.50%.

Contributed by: Rana Atef