Supervisor Elham AbolFateh
Editor in Chief Mohamed Wadie

Gold Prices Decline, 21-Carat Records EGP 2695

Thu 16 Nov 2023 | 04:47 PM
File photo
File photo
Yara Sameh - Walid Farouk

Gold prices declined in local markets during Thursday's trading, with a slight increase in the price of an ounce on the global stock exchange.

The gold limited its gains, with the rise of the dollar, following statements by a member of the US Federal Reserve about the possibility of raising interest rates again.

Eid Youssef, head of the Gold Division at the Menoufia Chamber of Commerce, said that gold prices declined in the local markets by about EGP5 during the transactions compared to the end of yesterday’s trading, in which the gram of 21-carat gold recorded EGP 2695, while an ounce on the global stock exchange rose by $4 to record $1945.

He added that the 24-carat gold reached EGP 3080, 18-carat registered EGP 2225, 14-carat gold sold at EGP 1797, and the gold pound hit EGP 21560.

On the other hand, gold prices rose in the local markets by EGP 35 during yesterday's trading 

The 21-carat opened trading at EGP 2680, touched EGP 2735, and closed at EGP 2700. Meanwhile, the ounce rose on the global stock market by $4, with transactions beginning at $1965 and concluding at $1961.

In a related context, Mary Daly, the President and CEO of the Federal Reserve Bank of San Francisco, stated that she doesn't rule out another increase in interest rates, given the uncertainty about whether the central bank has done enough to push inflation to its target of 2%.

Daly told Financial Times that the US Federal Reserve should take its time and not rush to judgment or make statements about the end of the battle.

She said that the US Federal Reserve’s announcement to end the monetary tightening cycle now and then raise interest rates again will put its credibility at risk.

Daly added that the policies of the US Federal Reserve have proven effective, especially after recent economic data showed the extent of the slowdown in inflation.

Meanwhile, the US inflation data released last week showed that price growth slowed during October to 3.2% on an annual basis, compared to 3.7% in September.