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.
This came after the US Federal Reserve hinted at increasing interest rates and reducing economic stimulus to confront the Coronavirus pandemic by the middle of next year.
Osama al-Jalla, secretary-general of gold division at Federation of Egyptian Chambers of Commerce, said that gold prices dropped slightly in the local market, 21-carat recorded EGP 778, while the gold ounce price recorded $ 1776.
Antwan added that 24-carat recorded EGP 889, and 18-carat is at EGP 668, while the gold pound recorded EGP 6224.
He pointed out that gold is considered a hedge against inflation and currency instability, which are likely caused by large-scale stimulus measures.
Translated by Nada Mustafa