Gold Declines by EGP 30 in Week

Gold prices fell, domestically, by 1.7% in a week, on the other hand, the price of the ounce jumped by 0.1% globally.

for the sixth week in a row after the signs of the US Federal Reserve slowing down any interest increases.

It is expected that the US Federal Reserve could increase the interest rates by the end of January to control inflation which could impact gold performance.

The gold prices rose after the issuing of a positive indication about the performance of the US economy in different actors such as the industrial one and service sectors.

Saied Embabi, the CEO of the Isagha platform, said that domestically, The prices of the yellow metal declined in by EGP 30. 21-karat recorded EGP 1780 by the beginning of the weekly transaction and closed at EGP 1750.

Saied Embabi, CEO of the "Isagha" platform, said that domestically, the prices of the yellow metal fell by EGP 10. 21-karat recorded EGP 1760.

On the other hand, the ounce rose by $2. It opened the transaction at $1926, and closed at $1928.

He added that 24-karat recorded EGP 2000, 18-karat registered EGP 1500, 14-karat was sold at EGP 1167, and the gold pound reached EGP 14000.

Embabi pointed out that domestic markets saw stability due to stable exchange amid the upcoming meeting of the Central Bank of Egypt next meeting which would see a change in the interest rates.

Contributed by: Rana Atef