Gold Prices slightly declined in local markets today, Saturday, due to the drop of gold ounces prices to record USD 1802, the strength of the US dollar, and the increasing interest of US bonds.
In the same context, Amir Rizk, Cairo’s Chamber of Commerce Gold Division member, said that the recovery of the US dollar caused a drop in gold prices. The reason for that was the dramatic outbreak of the Delta COVID-19 variant that raises investors’ concerns.
Rizk added that 24-karat recorded EGP 902, while 21-karat reached EGP 789; on the other hand, 18-karat was sold at EGP 676. Regarding the gold pound, it reached EGP 6312.
Finally, he concluded that gold prices might witness more increases due to the Delta variant as gold is a safe investment tool during global crises.
Contributed by Rana Atef