Gold prices declined in local markets during today’s trading, due to the decline in the ounce of gold price in the global stock exchange.
Lotfi Munib, Vice President of the gold division at Federation of Egyptian Chambers of Commerce, said that gold prices dropped by EGP 2 in the local market, 21-carat recorded EGP 773, while the gold ounce price recorded $ 1761.
Munib added that 24-carat recorded EGP 884, and 18-carat is at EGP 663, while the gold pound recorded EGP 6184.
He pointed out that gold is considered a hedge against inflation and currency instability, which are likely caused by large-scale stimulus measures.
Contributed by Nada Mustafa