Gold Prices Fall as Investors Await Clarity on Fed Policy

Gold prices declined in local markets on Tuesday amid a fall in precious metal prices internationally with the rise of the US dollar.

This also came after statements by US Federal officials of their commitment to keeping interest rates for a more extended period to confront inflation.

Saeed Imbaby, executive director of the “iSagha” platform for trading gold and jewelry via the Internet, said the price of 21-karat gold decreased by EGP20 to EGP2280 today against its sale at EGP2320 on Monday, while the international ounce inched down to $2009.

He added that a gram of 24k gold recorded EGP2606, a gram of 18k gold about EGP1954, and a gram of 14 karat gold sold at EGP1520, while a gold pound recorded about EGP18240.

In the same connection, he showed that the decline coincided with expectations of a new devaluation of the Egyptian pound against the dollar, within the framework of applying a flexible exchange rate as part of the preparations for the International Monetary Fund’s review next June to obtain a $3 billion loan.

This also comes amid increasing fears that the United States of America will default on its obligations, if the debt ceiling does not change, amounting to 31.4 trillion USD.

Contributed by Ahmed Emam