Gold Prices Dip by 0.9% Over the Week

Gold prices in local markets witnessed a decrease of 0.9% during the week ending last Saturday. Meanwhile, the gold ounce declined by 1% over the week that ended the previous Friday.

Saied Embaby, the Executive Director of the online gold and jewelry trading platform "iSagha", remarked that local gold prices fell by approximately 20 Egyptian pounds during the week. The 21-carat gold opened trading at 2,220 Egyptian pounds per gram and closed at 2,200 pounds. In the global exchange, the ounce dropped by $21, initiating at $1,940 and concluding at $1,219.

Additionally, the 24-carat gold was registered at 2,514 Egyptian pounds per gram, the 18-carat gold at 1,886 pounds, and the 14-carat gold at 1,467 pounds. Furthermore, the gold pound stood at 17,600 Egyptian pounds.

Despite the week's fluctuations, gold prices remained steady in local markets on Saturday, with the 21-carat gold opening and closing at 2,200 Egyptian pounds. This coincided with the global exchange's weekend hiatus.

In a related context, concerns over the banking sector's frailty have resurfaced. Quarterly data from the Federal Deposit Insurance Corporation displayed a decrease in deposits for the fifth consecutive quarter in insured banks, ending on June 30. This dip represents the largest quarterly decline ever recorded. Analysts predict that this ongoing financial predicament might propel gold prices on the global exchange in the forthcoming period, as investors increasingly turn to gold as a safe-haven asset and hedging tool.