Gold Prices Decline Domestically, Markets Stabilize Last Week

Gold prices declined by 0.9% last week in domestic markets, while the prices of the ounce lowered by 0.6% globally.

Saied Embabi, the Executive Director, said that gold prices declined by EGP 20 domestically last week.

He added that the gram of 21-karat opened the weekly transaction at EGP 2200, and closed at EGP 2180.

On the other hand, the ounce opened the weekly transaction, internationally, at $1912, and closed at $1924, falling by $12.

24-karat recorded EGP 2492, 18-karat hit EGP 1869, and 14-karat reached EGP 1453.

The gold pound recorded EGP 17440.

Embabi expected that the stability in prices will continue during the final quarter of the year due to the postponement of the International Monetary Fund's review of Egypt's economic reform program to 2024.

Dr. Yasser Omar, the Deputy of the Parliamentary Committee for Budget and Planning, revealed that IMF's review was postponed to the first quarter of 2024.

The IMF approved to loan Egypt $3 billion in 46 months.

Egypt received the first batch of the loan, $347 million, last December, and it will receive the rest of the batches after IMF reviews.

Contributed by: Rana Atef