Gold Prices Decease Slightly, 21-Karat at EGP 983

Gold prices slightly dropped in domestic markets on Monday as the gold ounces recorded $ 1805 in world exchange markets.

Abdel-Aal Salima, Vice President of the Gold Division at the Chamber of Commerce in Kafr El-Sheikh, said that gold’s stable performance in domestic markets today followed a restricted unstable performance of the yellow metal on Monday, adding that 21-karat reached EGP 983.

Salima highlighted that 24-karat hit EGP 1124 on the other hand; 18-karat was sold at EGP 843. Finally, karat-14 reached EGP 656, and the gold pound was sold at EGP 7864.

He explained that gold prices declined for the third week in a row after the latest central banks’ monetary policies came into action, alongside the rising expectation of an interest rate increase by the end of this month which drove investors to stop investing in gold.

Translated by Hassanain Tayea