Gold prices fell in the domestic markets today, Wednesday, after the decline of the ounces in the world exchange markets to $1766.
Gold markets are still looking forward to the results of the US Federal Reserve meeting at the end of the month, alongside the performance of the US dollar which experiences a good one.
Eid Youssef, the director of the Kafr El Sheikh Chamber of Commerce’s gold division, said that 21-karat hit EGP 963 in domestic markets which was lower than yesterday’s price by EGP 2.
He added that 21-karat lost EGP 24 in a week as it reached EGP 965 by the of the trading process instead of EGP 987 by the beginning of the week.
Furthermore, 24-karat was estimated at EGP 1101, while 18-karat was sold at EGP 826, and finally, 14-karat was registered at EGP 642.
Regarding the gold pound, it hit EGP 7704.
Youssef explained that the decline of the Egyptian pound restricted the fall of the gold prices as it recorded EGP 18.89 against $1 in the Egyptian banks, while the US dollar lost 25% of its value since March 21 by hitting its lowest level Yesterday, Tuesday.
Contributed by: Rana Atef