Gold Price Extends Decline as 21K Inched Down to LE983

Gold Prices continued to decline in the local markets for the fourth day in a row, as a result of the highest momentum of the US dollar since 2017.

Meanwhile, the prices of yellow metal declined globally by 1.6% to $11786 per ounce by this week.

The head of Kafr El Sheikh’s Chamber of Commerce Gold Division Abdel-Aal Selima said, “Gold prices declined in Egypt on Friday with the price of 21-karat falling by 10 LE per gram to LE983, compared to Thursday's prices.”

He added that 24 karat gold is sold at EGP 1124; 18 karat gold is sold at EGP 843, while the gold pound inched down to EGP 7864.

Also in this regard, he noted that 24 karat gold recorded EGP 656,

It's worth mentioning that the gold prices globally recorded their worst performance in global markets during the second quarter of 2022, as the ounces inched down by $96, compared to $1907 at the beginning of late May.

It’s worth mentioning that the gold prices globally recorded their worst performance in global markets during the second quarter of 2022, as the ounces inched down by $96, compared to $1907 at the beginning of late May. While in Egypt, the prices fell by EGP 306 after 21-karat recorded EGP 1,300 during May’s trading, due to the dollar crisis in the parallel markets.

Contributed by Ahmed Emam