Gold prices fell in the local markets during trading today, Monday, with the stability of the price of an ounce on the global stock exchange, despite US Republicans and Democrats reaching late yesterday an initial agreement to raise the US debt ceiling.
That agreement came amid the markets’ anticipation of the US Federal Reserve meeting next June regarding the fate of interest rates, which will significantly affect gold price movement.
Saeed Imbaby, executive director of the “iSagha” platform said that gold prices fell by EGP 35 at the beginning of today’s trading and compared to the end of last Saturday evening’s trading, so a gram of 21 karat gold recorded the level of EGP 2325, while an ounce stabilized on the global stock exchange at the level of 1946$.
Imbaby added that a gram of 24 karat gold recorded EGP 2657, a gram of 18 karat gold recorded about EGP 1993, and a gram of 14 karat gold recorded about EGP 1550, while a pound of gold recorded about EGP 18600.
In a related context, gold prices declined by 1.7% to stand at EGP 40 in the local markets during the trading week ending last Saturday evening, as a gram of 21 karat gold opened transactions at the level of EGP 2400, and rose to the level of EGP 2520, fell to the level of EGP2290, and closed the transactions at the level of EGP 2360.
Meanwhile, the ounce declined by $32, dropping to 1.6% in global markets during the trading week ending last Friday evening, as trading opened at the level of $1978, and the week's trading concluded at the level of $1946.
Translated by Ahmed Moamar
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