Gold prices in local markets declined slightly in mid-day trading on Wednesday, as the ounce fell on the global stock exchange due to the rise of the dollar, amid geopolitical tensions and continued uncertainty about a ceasefire in the Middle East, and the fate of interest rates.
The uncertainty surrounding the ceasefire in the Middle East led to instability in gold prices. This ongoing conflict had previously stimulated demand for gold, pushing prices to their highest level ever at $2431.29 on April 12.
Saeed Embabi, CEO of the “iSagha” platform said that gold prices witnessed a decline by EGP 5 in the local markets during today’s trading, as a gram of 21 karat gold recorded EGP 3085, while an ounce declined to $2317.
He added that a gram of 24 karat gold recorded EGP 3526, a gram of 18 karat gold recorded about EGP 2644, and a pound of gold recorded about EGP 24680.
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