Gold Prices Decline, 21-Carat at EGP 780

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.

Hany Milad, Head of the Gold Division at the Cairo Chamber of Commerce said that gold prices dropped by EGP 6 in the local market, 21-carat recorded EGP 780, while the gold ounce price recorded $ 1785.

Milad added that 24-carat recorded EGP 892, and 18-carat is at EGP 669, while the gold pound recorded EGP 6240.

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 Hassanain Tayea