Gold Inched Down Amid Uncertainty

Gold prices inched down by 0.4% in the local markets Saturday,

as decreased slightly by 0.1% in the global markets during the Friday trading.

This is driven by various factors like dollar momentum, in addition to a state of uncertainty and a lack of vision about price movement during the upcoming period.

Saeed Imbaby, executive director of the “iSagha” platform for trading gold and jewelry via the Internet, said the price of 21-karat gold decreased by EGP10 to 2350 at the end of this week, while the international ounce inched down to $1948.

He added that a gram of 24k gold recorded EGP2014, a gram of 18k gold recorded about 2014 pounds, a gram of 14 karat gold recorded about 1567 pounds, while a gold pound recorded about EGP18240.

He also showed that the local market witnessed a state of stability during the past few days as the International Monetary Fund’s review to obtain a $3 billion loan is expected to be postponed.