Gold prices declined in local markets during trading on Wednesday, breaking a three-day streak of gains in the global market due to a slight rebound in the dollar against other currencies.
This was coupled with hawkish statements from several Federal Reserve officials, which reduced expectations for a rate cut in the upcoming September meeting.
Saeed Embabi, CEO of the “iSagha” platform said that gold prices witnessed a decline by EGP 15 in the local markets during today’s trading, as a gram of 21 karat gold recorded EGP 3125, while an ounce declined to $2343.
He added that a gram of 24 karat gold recorded EGP 3572, a gram of 18 karat gold recorded about EGP 2679, and a pound of gold recorded about EGP 25000.
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