Gold Prices Decline, 21-Karat at EGP 3180

Gold prices in local markets fell during today's trading, Monday, as the spot price of the ounce fell by about 2% on the global stock exchange.

This came due to the decline in the potential escalation in the Middle East, which led to a decrease in the attractiveness of the metal as a safe haven, amid market anticipation for US inflation data next Friday, as well as the Federal Reserve meeting to determine the fate of interest rates on May 1st.

Saeed Embabi, CEO of the “iSagha” platform said that gold prices witnessed a decline by EGP 75 in the local markets during today’s trading, as a gram of 21 karat gold recorded EGP 3180, while an ounce declined to $2342.

He added that a gram of 24 karat gold recorded EGP 3634, a gram of 18 karat gold recorded about EGP 2726, and a pound of gold recorded about EGP 25440.