Supervisor Elham AbolFateh
Editor in Chief Mohamed Wadie

Gold Prices Decline in Local Markets, 21 Karat Records EGP 2.435

Gold Service

Wed 24 May 2023 | 12:29 AM
Walid Farouk

Gold prices fell in the local markets during trading today, Tuesday, and an ounce also fell on the global stock exchange, due to a state of optimism about the US debt ceiling negotiations, in addition to strict statements by US Federal officials that it is necessary to raise interest rates to overcome inflation rates to reach 2%.

The anticipating markets are looking at the results of the minutes of the last US Federal Reserve meeting, in order to find clearer indications about the direction of monetary policy during the coming period.

Saeed Imbaby, executive director of the “iSagha” platform for trading gold and jewelry via the Internet, said that gold prices in local markets fell by 15 pounds at the beginning of today’s trading, compared to the end of trading yesterday evening, Monday, so that a gram of 21 karat gold recorded the level of 2435 pounds, while an ounce fell on the global stock exchange by a value 18 dollars to reach the level of 1955 dollars.

Imbaby added that a gram of 24 karat gold recorded 2783 pounds, a gram of 18 karat gold recorded about 2087 pounds, and a gram of 14 karat gold recorded about 1624 pounds, while a gold pound recorded about 19480 pounds.

He pointed out that gold prices rose by 50 pounds in the local markets during trading yesterday evening, Monday, as a gram of 21 karat gold opened trading at the level of 2400 pounds, rose to the level of 2525 pounds, and concluded transactions at the level of 2450 pounds, while the ounce declined by $ 5 in the global markets as it opened trading at the level of $1978, and closed the week's trading at the level of $1973.

Translated by Ahmed Moamar