Gold prices in local markets declined during midday trading on Wednesday, alongside a drop in global markets following the release of economic data revealing a slowdown in U.S. inflation rates.
This reduces bets on the U.S. Federal Reserve's rate cut at its upcoming meeting this month.
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 3390, while an ounce declined to $2522.
He added that a gram of 24 karat gold recorded EGP 3874, a gram of 18 karat gold recorded about EGP 2906, and a pound of gold recorded about EGP 27120.
Follow the latest news on Google News
