US Fed Monetary Policies Drive Gold to Fall

Gold prices fell, domestically, on Saturday, as it marked the markets' weekly off globally.

Internationally, the prices of the yellow metal declined after the statements of the US Federal Reserve Chairman about the continuation of the US Fed's monetary restrictions.

Amir Rizk, a member of the Gold Division at Cairo's Chamber of Commerce, said that gold declined by EGP 10 in local markets, and the gram of the 21-karat hit EGP 2265, while the ounce recorded $1915.

Rizk added that the gram of 24-karat was sold at EGP 2583, 18-karat recorded EGP 1937, and 14-karat reached EGP 1507.

The gold pound was estimated at EGP 18080.

Although gold witnessed its best weekly performance in 6 weeks, it saw a decline by the end of the week as feedback to Jerome Powell about the intention of increasing the interest rates to control inflation.

Powell also expressed that the growth of the US markets are better than the expected, so he aimed to stop any factors could negatively impact the plans of the US Fed.

Contributed by: Rana Atef