Gold Prices Decline, 21-Karat Records EGP 1020

Gold prices declined in local markets during Saturday trading amidst the stability of an ounce on the global stock exchange at the level of $1848.

The gold prices decreased after closing at the end of Friday trading with weekly gains for the first time since mid-April due to the dollar's retreat from its highest levels.

Lotfi Muneeb, deputy head of the gold pision at the Chamber of Commerce, said that gold prices decreased in today's local markets, 21-Karat recorded EGP 1020, as prices continued to decline with the US Federal Reserve's decision to raise interest rates.

Muneeb added that 24-karat recorded EGP 1166, and 18-karat is at EGP 875, while the gold pound recorded EGP 8160.

The Central Bank had raised interest rates by 2% at the Monetary Policy Committee meeting last Thursday, bringing the interest on deposits to 11.25% and on lending to 12.25%.

Contributed by Israa Farhan