Gold Prices Fall amid Anticipation of US Economic Data

Gold prices declined in local markets on Thursday amid a fall in precious metal prices internationally.

The international prices inched up in light of investors' anticipation of a group of US economic data that may affect the course of the monetary policy of the Federal Reserve.

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 EGP5 to 2185, while the international ounce inched down to $1925.

He added that a gram of 24k gold recorded EGP2497, a gram of 18k gold recorded about EGP1873 pounds, a gram of 14 karat gold recorded about 1520 pounds, while a gold pound recorded about EGP17480.

In the same connection, Imbaby pointed out that the markets are anticipating the release of US economic data for today, including the initial employment data, unemployment benefits, job opportunities, and the purchasing managers’ index, which may affect the course of the monetary policy of the US Federal Reserve.

Contributed by Ahmed Emam