Gold Prices Decline Internationally by 0.2%

Gold prices declined in domestic markets, following an international decrease in the yellow gold metal ounce prices.

Saied Embabi, the Executive Director of Isagha, said that the gram of 21-karat recorded EGP 3577 in domestic markets, while the ounce estimated at $2658 in international markets.

Embabi added the gram of 24-karat recorded EGP 4088, 18-karat hit EGP 3066, 14-karat was sold at EGP 2385, and the gold pound hit EGP 28616.

Embabi highlighted that the gold prices declined after the latest positive labor data that speculated a 25-point decrease in the interest rates by the US Fed.

The report motivated USD and the US Treasury bond revenues to rise.

The president of the Federal Reserve Bank of Chicago Austan Goolsbee said that the majority of the US Fed board members expected more decline in prices in the upcoming 18 months.

Finally, Embabi revealed that the escalations in the Middle East still support gold, especially after the price of the ounce surpassed $3000. The markets are still anticipating the release of further data.

Contributed by: Rana Atef