Gold Prices Fell by 0.5% Internationally

Gold prices fell by 0.5% ($11), internationally, last week, despite the good performance of gold by the end of the week to restrict its losses. The latest move proved that gold is still among the safest economic instruments against inflation and Geopolitical disputes.

Saied Embabi, the Executive Director of Isagha platform, said that gold prices stabilized, domestically, today, Saturday, adding that the gram of 21-karat hit EGP 3623, while the ounce closed the transaction at $2013.

He added that the gram of 14-karat estimated at EGP 2424, 18-karat recorded EGP 3116, and 24-karat reached EGP 4154. The gold pound recorded EGP 29080.

Embabi pointed out that the gold markets are experiencing stability among the speculations of exchange prices change, expecting more decline in gold prices as costumers will direct their expenses on goods due to Ramadan.

In the same context, gold prices increased, yesterday, internationally after a wave of declines, falling below $2000 for the ounce, after the release of the US inflation data.

Contributed by: Rana Atef