Gold Prices Slightly Fall, 21-Karat Hits EGP 2400

Gold prices slightly fell in domestic markets, today, although the prices of the ounce saw an increase in international markets.

Investors are still waiting for the upcoming meeting of the US Federal Reserve to examine the latest US economy indicators, along with the latest reports on reaching an agreement for the US debt ceiling.

Eid Youssef, the head of the gold division at the Monofia Chamber of Commerce, said that gold prices fell by EGP 20.

Youssef added that 21-karat recorded EGP 2400, and the gold ounce was sold at $1977.

The gram of 24-karat was estimated at EGP 2742, 18-karat hit EGP 2057, and 14-karat reached EGP 1600. The gold pound hit EGP 19200.

In the same context, the JPMorgan group recommended depending on gold and cash, instead of shares amid concerns over more restrictions of the monetary policies in the US.

The latest reports of Fitch expressed that consumer spending

could slow down in the upcoming period. This could lead to an increase in gold prices, ahead with the teases of slowing down any further increases in the interest rates.

Contributed by: Rana Atef