Gold Prices Decline by EGP 200 in Local Markets

Gold prices declined in the local markets during trading on Monday, in light of a slight increase in the price of ounce in the global markets.

This came as a result of a decline in the dollar by about 0.2%, despite expectations that the US Federal Reserve will raise interest rates next year.

Saeed Imbaby, CEO of “I-Sagha” platform, said that gold prices in the local markets fell by EGP 200 in the local markets during today’s trading, compared to the end of last Saturday’s trading, as 21-carat gold fell to EGP1600, while the gold ounces fell to $ 1799.

He added that 24-carat reached EGP 1829, 18-carat recorded EGP 1372 , and 14-carat was sold at EGP 1067, and a the pound of gold was estimated at EGP 10040.

Imbaby expected that the market would witness a state of stability and calm after the Central Bank of Egypt's (CBE) decision regarding tightening control over the proceeds of gold export, as it limits price manipulatin.

Contributed by Nada Mustafa