Supervisor Elham AbolFateh
Editor in Chief Mohamed Wadie

Domestic Declining Demand Leads Gold to Fall by EGP 70 in Week

Gold Prices, gold

Sun 22 Jan 2023 | 05:34 PM
Walid Farouk

Gold fell by 3.8% (EGP 70) in a week, on the other hand, the prices of the ounce jumped by 0.3% for the fifth 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.

Saied Embabi, the CEO of Isagha platform, said that domestically, The prices of the yellow metal saw an unstable performance in domestic markets, yesterday, as 21-karat recorded EGP 1850 by the beginning of the weekly transaction, and closed at EGP 1780.

On the other hand, the ounce started the weekly trading at $1921, and closed at $1926.

He added that 24-karat recorded EGP 2034, 18-karat registered EGP 1526, 14-karat was sold at EGP 1187, and the gold pound reached EGP 14240.

He pointed out that the decline in domestic gold demands led the prices to fall, despite of the increase of gold prices internationally to $1900.

This decline came after a short-time activity in the past a few weeks was of the reasons as citizens bought gold due to concerns over the value of the Egyptian pound, Embabi explained.

Embabi added that that this decline is temporal, and there are some signs for positive performance for gold once again.

Contributed by: Rana Atef