Gold prices declined by 7.7%, domestically, last week. On the other hand, gold prices fell by 0.4% in international markets due to the rise of the US dollar. The US Federal Reserve asserted that they would keep the high rates of interest for a longer time. In addition, the latest data on the US economy expected another increase in inflation.
Saied Embabi, the CEO of Isagha, said that gold prices increased, domestically, by EGP 200. The gram of 21-karat opened the weekly transaction at EGP 2600, and closed at EGP 2400. On the other hand, the gold ounce opened the weekly transaction at $2018 and closed at $2010.
He added that the gram of 24-karat hit EGP 2742, 18-karat reached EGP 2057, and 14-karat recorded EGP 1600.
Finally, the gold pound was sold at EGP 19200.
Contributed by: Rana Atef
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