Gold prices fell by EGP 95 in domestic markets this week after the decline of gold ounces by $55 for the fourth week in a row due to the increase of the US dollar.
The US dollar was supported by the US Federal Reserve’s intentions of raising the interest rates next month.
Eid Youssef, the Head of the Gold Division at Monufia’s Chamber of Commerce, said that 21-karat recorded EGP 1120 at the end of the trading process, compared to EGP 1215 at its start.
In the same context, the prices of yellow metal ounces hit $ 1811 at the end of the week, instead of $ 1866 at the beginning of the trade stages.
He added 24-karat registered EGP 1280, while 18-karat reached EGP 960.
Finally, the gold pound was estimated at EGP 8960.
Contributed by: Rana Atef