Gold Prices Jump Domestically, Drop Internationally on Mon.

Gold prices jumped, domestically, by the middle of today's, Monday, transaction, although they internationally fell.

The gold prices saw a slight increase internationally after the announcement of Joe Biden's withdrawal from the US Presidential Elections.

Saied Embabi, the executive director of Isagha platform, said that the gold prices jumped in domestic markets by EGP 15, and the gram of the 21-karat recorded EGP 3285, while the gold ounce declined by $7 to record $2393.

Embabi added that the gram of 24-karat recorded EGP 3754, 18-karat hit EGP 2816, and 14-karat estimated at EGP 2190. The gold pound hit EGP 26280.

The official pointed out that gold prices witnessed, today, phases of unstable performance due to the latest developments in the US political scene which negatively impacted the USD. The negative performance of the USD benefited gold, in addition to the Chinese Central Bank's decision to decrease the interest rates.

In the same context, the markets are still anticipating the release of further economic data, on Friday, as well as the meetings of the US Fed on July 30, and 31.

Contributed by: Rana Atef